Shared Ownership and military priority

29 Jul 2019

There’s a number of criteria you’ll need to meet in order to buy a home with Shared Ownership, but you may not know that both ex and current military personnel receive priority for the scheme.

Keep reading to find out exactly what you need to make your next step on the property ladder.

Currently in the military?
In order to receive military priority for the Shared Ownership scheme, you must have completed your basic (phase 1) training and are either:

  • Regular service personnel (including Navy, Army and Air Force)
  • Clinical staff (with the exception of doctors and dentists)
  • Ministry of Defence Police Officers or uniformed staff in the Defence Fire Service

Ex-military?
In order to receive military priority for the Shared Ownership scheme, you must have:

  • Served in the Armed Forces for a minimum of six years
  • Apply to buy within two years of your date of discharge from service
  • Produce a Discharge Certificate (or similar documentation

Surviving partners of Regular Service Personnel who have died in service can also receive military priority within two years of the date of being bereaved.

Why buy with Shared Ownership?
Designed to assist those struggling to save for a large house deposit, Shared Ownership is an alternative way to buy a home. But don’t worry, it’s not as complicated as it sounds! Simply purchase what you can afford, between 25% and 75% of your chosen home, and then pay a low-cost rent to us on the remaining share.

In many cases, you’ll only need a 5% deposit of the share you’re purchasing*. So if you’re buying a share worth £120,000, you’ll need to pay a deposit worth £6,000* – so moving could be more affordable than you think.

Have more questions?
Want to understand more about military priority, or the Shared Ownership scheme in general? We’re just a phone call away! Alternatively, take a look at our Shared Ownership guide.

T: 0800 145 6663
E: sosales@radianhomes.co.uk

Phone lines are open Monday to Friday 9am – 5pm.

*Affordability and eligibility criteria apply. All figures are illustrative based upon buying a minimum share. Purchase share values will be determined based upon applicant’s individual financial circumstances, in line with Homes England guidelines. Applicants will be referred to a nominated mortgage advisor for a financial assessment and will be expected to maximise the percentage of share they purchase. Please note, you must be financially assessed prior to reserving.

Credit is secured against your home. subject to status, Help to Buy terms and conditions are available on selected properties in England only. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH PAYMENTS ON YOUR MORTGAGE OR OTHER DEBT SECURED ON IT.
Credit is secured against your home. subject to status, Help to Buy terms and conditions are available on selected properties in England only. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH PAYMENTS ON YOUR MORTGAGE OR OTHER DEBT SECURED ON IT.