Eligibility
You could be eligible for shared ownership if:
Examples of top level of priority groups
The above are examples, and other priorities may apply depending on the development.
Shared Ownership
Shared ownership is an affordable housing scheme where you can part buy and part rent your home.
In the future, you can purchase additional shares (at the market value at the time) until you own 100% of the property.
You will need a mortgage and deposit for your share, and you will pay an affordable rent on the remaining share that B3@Home continues to own. The minimum initial share you could purchase is 25% and the maximum is 75%. However the shares you can purchase will depend on each individual development.
We assess applications on an individual basis and we will discuss with you the maximum share you can afford.
How is the rent calculated?
Rent is calculated based on the value of the share retained by B3@Home at the time of your first purchase. The annual rent is set at between 2.5% and 2.75% per annum of this value.
For example – you buy a 50% share in a property valued at £200,000. The value of the equity retained by B3@Home is £100,000.
£100,000 x 2.5% = £2,500 per annum, or £48.07 per week.
When can I buy more shares in my property?
You can purchase additional shares in your property after 1 year from your initial purchase. You can eventually own the property outright and this is called 'staircasing'.
The cost of any further shares will be based on the open market value at the time you apply.
If you do buy more shares, the amount retained by B3@Home will reduce and your rent will be reduced accordingly.
There are more people wanting shared ownership homes than there are homes available. Because of this, homes are offered on a first‑come, first‑served basis to people who meet the eligibility and affordability rules.
Shared ownership homes are offered in this order:
Local authority priority
Some homes must go to certain people first, as set out in legal agreements for that scheme (called Section 106 agreements). These may change over time.
Ministry of Defence (MOD) personnel
Service personnel may be given priority, following Homes England rules.
First to pass the affordability check
The first person to successfully pass the initial affordability check will be prioritised, as long as their application form is fully and correctly completed.
If more people qualify than there are homes, homes will be offered in the order that affordability checks are approved.
Date of enquiry
If two or more people pass the affordability check at exactly the same time, priority will be given to the person who contacted B3Living first.
Wheelchair‑adapted homes
Wheelchair users will be prioritised for homes that are adapted or can be adapted for wheelchair use.
Once a home is offered, the applicant must complete the full financial assessment within five working days. If they do not, the offer will be withdrawn and given to the next eligible person.
If an applicant needs more time, they should tell the Sales Manager so their situation can be considered.
Each home is only offered to one person at a time.
If that person does not pass the full financial assessment, the home will be offered to the next eligible applicant. This helps avoid delays and unnecessary costs for customers.
B3Living must follow Homes England rules when checking how much spare money a customer has each month if they are buying a shared ownership home.
All applicants must have at least 10% of their take‑home income left over each month after paying for housing costs and other regular expenses.
This 10% rule is based on standard practice across the housing industry and helps make sure shared ownership homes remain affordable for customers
.
B3Living will accept a mortgage of up to 95% of the property’s value.
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