To apply for a Guinness Homes Shared Ownership home, check your eligibility and finances, find a property and contact its sales team. You can then submit an application and complete the required eligibility and affordability checks. If your application is accepted and the home remains available, you can reserve it before arranging your mortgage, legal work, exchange and completion.
Shared Ownership allows you to buy a share of a home and pay rent to Guinness Homes on the share you do not own. You may also need to pay a service charge and other property-related costs.
This guide explains the general application process for Guinness Homes Shared Ownership homes in England. Different schemes and rules apply in Wales, Scotland and Northern Ireland.
Some stages may overlap. The sales team will explain the process and any requirements that apply to your chosen property.
Your home may be at risk if you do not keep up with your mortgage, rent or other payments required under your lease.
Mortgage payments, rent, service charges and other household costs can change. Consider whether you could continue to afford your home if your costs increased.
Step 1: Can you apply and afford the costs?
Start by checking the Shared Ownership eligibility criteria.
Meeting the general criteria does not guarantee that you will be accepted for a particular property. Guinness Homes will assess your application against the eligibility, affordability and allocation requirements that apply to the home.
Review your income, savings, spending, debts and other financial commitments before applying. You will need to consider the costs of buying the home and the regular payments you may make after moving in.
The Shared Ownership mortgage calculator can give you an initial estimate of possible repayments. The result is a guide, not a mortgage offer. Your actual payments will depend on the property, the share you buy, the amount you borrow, the interest rate and the terms of your mortgage.
What could you pay when buying?
Your initial costs could include:
- Reservation fee: A payment made when you reserve your chosen home. Guinness Homes currently states that its reservation fee is £99 and that this is used as a deposit towards the cost of the home. The amount and treatment of the fee may depend on the property, so check the reservation agreement before paying.
- Mortgage deposit: The amount you contribute towards the purchase price of your share. Lender requirements vary.
- Mortgage fees: Your lender or mortgage broker may charge valuation, arrangement or advice fees.
- Legal fees: You will need to pay a solicitor or licensed conveyancer to complete the legal work.
- Survey costs: You may choose to arrange an independent survey. This is different from a lender’s mortgage valuation.
- Stamp Duty Land Tax: This may apply to your purchase. Your solicitor or licensed conveyancer can explain your options and whether any payment is due.
- Moving costs: These could include removals, insurance and setting up services in your new home.
A mortgage deposit is commonly calculated as a percentage of the share you are buying, rather than the home’s full market value. GOV.UK currently states that a deposit is usually between 5% and 10% of the share, but the amount required will depend on the lender, mortgage product, property and your circumstances.
You may also need separate funds for legal fees, mortgage fees, Stamp Duty Land Tax and other buying costs. A qualified mortgage adviser can explain the mortgage options available to you.
What will you pay after moving in?
Your regular housing and household costs could include:
- Mortgage payments
- Rent on the share you do not own
- Service charges, where applicable
- Estate charges, where applicable
- Management fees, where applicable
- Payments into a repairs reserve fund, where applicable
- Buildings insurance, where payable by the shared owner
- Council tax
- Gas, electricity and water
- Contents insurance
- Telephone and broadband services
- Repairs and maintenance for which you are responsible
Your costs and responsibilities will depend on the property, the Shared Ownership model and the terms of the lease. Some costs may be included within the service charge rather than billed separately.
Read the key information and cost documents for the home. Ask your solicitor or licensed conveyancer to explain your responsibilities before you exchange contracts.
Allow room in your budget for unexpected expenses and possible increases in mortgage payments, rent, service charges and household bills.
Step 2: Find a Shared Ownership home
You can search available Guinness Homes developments and properties online.
When comparing properties, consider:
- Whether you can afford the initial and ongoing costs
- The location, transport links and nearby services
- The property type and number of bedrooms you need
- Whether you want a new-build or resale home
- Any features you need, such as parking or outside space
- The share available and the price of that share
- The estimated rent, service charge and other property costs
Read the property listing, eligibility requirements and cost information carefully. You may be able to register for property updates, but receiving an alert or submitting an enquiry does not reserve a home.
New-build and resale properties
Guinness Homes offers newly built properties and resale homes being sold by existing shared owners.
For a resale home, Guinness Homes states that the buyer normally purchases at least the same share as the existing owner. The share available will be set out in the resale listing and will depend on the applicable lease and sales process.
It may be possible to buy a larger share if your financial assessment shows that you can afford it and the terms of the lease allow it. Speak to the sales team and mortgage broker about the options for the home.
Viewing arrangements, surveys, legal enquiries and completion times may differ between new-build and resale properties.
Step 3: Speak to the sales team and apply
Once you have found a property you are interested in, contact the sales team for that development.
The team can explain:
- Whether the property is still available
- The share available and its purchase price
- The estimated rent, service charge and other property costs
- The eligibility requirements for the property
- Whether a viewing can be arranged
- What you need to provide with your application
- How applications for the property are assessed and allocated
If you decide to proceed, you can complete a Shared Ownership application.
Submitting an application does not reserve the property. Guinness Homes must complete the required checks and verify and accept your application before you can proceed.
Documents needed for your application
The sales team will confirm which documents you need. These may include:
- Proof of identity, such as a passport or driving licence
- Proof of address, such as a utility bill, council tax bill or bank statement
- Details of your chosen mortgage broker
Further information may be required depending on the property and your circumstances.
Guinness Homes generally allocates Shared Ownership homes on a first come, first served basis after applications have been verified and accepted.
Under the current process, “first come” means the first person to successfully pass the initial affordability assessment, after Guinness Homes has verified and accepted the application. It does not mean the first person to make an enquiry.
Some properties may have different allocation, nomination or priority requirements. The development’s sales team will explain the requirements that apply to your chosen home.
If you need the application information in another format or need help completing your application, contact the sales team.
Step 4: Complete your financial assessment
Eligibility and affordability checks form part of the Guinness Homes Shared Ownership application process. Guinness Homes currently states that these checks also apply if you intend to buy your share without a mortgage.
The affordability assessment considers whether the expected costs are affordable based on your financial circumstances. It may include:
- Your income, spending, debts and other financial commitments
- The savings available for your deposit and buying costs
- The expected mortgage, rent and service-charge payments
- The eligibility and allocation requirements that apply to the property
The affordability assessment is separate from personal mortgage advice. Passing the assessment does not guarantee that a lender will approve a mortgage application or that the property will be allocated to you.
Documents for your financial assessment
Your mortgage broker will confirm what they need. Depending on your circumstances, this may include:
- Proof of identity and address
- Recent bank statements
- Recent payslips and your latest P60
- Evidence of bonuses, commission or other income
- Accounts or tax returns if you are self-employed
- Evidence of your mortgage deposit
- A gift letter if someone is giving you money towards the deposit
You can read more about choosing a Shared Ownership mortgage broker.
Guinness Homes’ current mortgage guidance states that:
- A broker from its panel completes the initial eligibility check
- The check and supporting-document sign-off are still required if you use another mortgage broker
- The initial eligibility check is provided without charge
These arrangements may change. Check the current process and any fees with the sales team and mortgage broker before agreeing to proceed. An initial check without charge does not mean that later mortgage advice or mortgage-arrangement services will be free.
Your mortgage in principle
A mortgage in principle indicates how much a lender may be prepared to lend based on an initial review of your information.
It is not a formal mortgage offer. The lender will carry out further affordability, credit and property checks when you submit your full mortgage application.
Step 5: Reserve your chosen home
If your application and financial assessment are accepted and the property remains available, you may be invited to reserve it.
Before paying a reservation fee, make sure the information provided explains:
- The property and share you intend to buy
- The full market value and the price of your share
- The estimated rent, service charge and any other property costs
- The amount of the reservation fee
- How the reservation fee will be treated if the purchase proceeds
- The cancellation and refund conditions
- The reservation period and any deadlines you must meet
How is the reservation fee treated?
The reservation fee is separate from the mortgage loan, but Guinness Homes currently states that its £99 reservation fee is used as a deposit towards the cost of the home. Check the reservation agreement to see whether and how it is credited against the purchase funds.
The reservation agreement for the property takes precedence over the general information on this page. The amount, payment terms and refund conditions may differ, so check them before paying.
Your mortgage deposit is the amount you contribute towards the purchase price of your share. Your solicitor or licensed conveyancer will tell you how much is required, when it must be provided and where it should be sent.
Before reserving, review the key information and personalised cost documents provided for the property. The documents supplied will depend on the home and the Shared Ownership model that applies.
Do not sign the reservation agreement or pay the fee until you understand the conditions. Ask the sales team about anything that is unclear and keep copies of the documents you receive.
Step 6: Arrange your mortgage and legal work
Once your home is reserved, you will need to complete your full mortgage application if you are using a mortgage. You will also need to appoint an independent solicitor or licensed conveyancer.
Choose a legal adviser with Shared Ownership experience and check that they are authorised to act for your mortgage lender.
You can use one of the suggested Shared Ownership solicitors or appoint another suitable solicitor or licensed conveyancer.
Guinness Homes does not provide a warranty for its suggested solicitor list. You are responsible for checking the legal adviser’s experience, charges and service before appointing them.
Your solicitor or licensed conveyancer will normally:
- Review the contract, lease and property documents
- Complete searches and raise legal enquiries
- Explain the lease, property costs and your responsibilities
- Advise you about Stamp Duty Land Tax
- Check the conditions of your mortgage offer
- Tell you when and how to provide your mortgage deposit and other purchase funds
- Prepare for exchange of contracts and completion
Your lender may arrange a mortgage valuation and request further information before making its decision.
If your mortgage application is approved, the lender will issue a formal mortgage offer. Read the offer carefully and discuss anything you do not understand with your mortgage adviser or legal adviser.
Take care when transferring money.
Follow your solicitor’s security and payment-verification process before sending any funds. If payment details change or you are unsure about an instruction, contact your solicitor using contact details you have previously verified.
Step 7: Exchange contracts
Your solicitor or licensed conveyancer will explain what exchanging contracts means for your purchase.
In a typical transaction, exchange is the point at which the buyer and seller become legally committed to complete the sale. Make sure your legal adviser has answered your questions and you are ready to proceed before agreeing to exchange.
If your home is still being built
If you are buying off-plan, you may exchange contracts before the property is ready and before a definite completion date is available.
The sales team and your solicitor will explain how you will be updated. Construction and completion dates provided before the home is ready are estimates and may change. Avoid making arrangements that rely on an unconfirmed moving date.
Step 8: Complete your purchase and move in
Completion takes place when the purchase funds are transferred and you become the shared owner of the home.
Wait for your solicitor or licensed conveyancer to confirm that completion has taken place before collecting the keys.
Before moving, check which insurance you are responsible for arranging. You should also arrange your council tax and utilities and confirm where and when you will receive the keys.
When you receive them:
- Check that you have all the keys, fobs and access codes
- Take meter readings where applicable
- Check any appliances supplied with the home
- Find out how to report defects or repairs
- Keep your lease, warranties and property documents in a safe place
Our guide to things to do when you move home can help you prepare.
Shared Ownership terms explained
If you need help with terms such as staircasing, service charge, lease or mortgage in principle, read the Shared Ownership glossary.
Frequently asked questions
Can I apply before finding a home?
You should first find a Guinness Homes property you would like to buy. Contact the development’s sales team before completing your application.
How much mortgage deposit will I need?
A mortgage deposit is commonly calculated as a percentage of the share you are buying rather than the property’s full market value. GOV.UK currently states that this is usually between 5% and 10% of the share.
Your lender may require a different amount based on the mortgage product, property and your circumstances. You may also need separate funds for legal fees, mortgage fees, Stamp Duty Land Tax and other buying costs.
Is the reservation fee the same as the mortgage deposit?
The reservation fee and mortgage deposit have different purposes.
Guinness Homes currently states that its £99 reservation fee is used as a deposit towards the cost of the home. Your mortgage deposit is the amount you contribute towards the purchase price of your share.
Check the property’s reservation agreement to understand the fee, how it will be credited and what happens if the purchase does not proceed.
Can I choose my own mortgage broker?
You can use another suitably qualified broker to arrange your mortgage.
Guinness Homes’ current guidance states that one of its panel brokers will still complete the initial eligibility check and supporting-document sign-off. Confirm the current requirements and any charges before proceeding.
Can I choose my own solicitor?
You can appoint your own solicitor or licensed conveyancer. Check that they have Shared Ownership experience and are authorised to act for your mortgage lender.
How long does the process take?
There is no single timescale. The time required will depend on the property, financial assessment, mortgage application, legal work and construction status.
Providing requested information promptly can help prevent avoidable delays, but a completion date cannot be guaranteed before the necessary mortgage, legal and property requirements have been met.
Before committing to a purchase
This guide provides general information about the Guinness Homes Shared Ownership application process. It is not personal mortgage, financial, tax or legal advice.
The process, eligibility requirements, fees, costs and documents can vary according to your circumstances, the property and the Shared Ownership model that applies. Information on this page may also change.
Before committing to a purchase, take advice from a suitably qualified mortgage adviser and an independent solicitor or licensed conveyancer. Read the property’s reservation agreement, key information and cost documents, lease and mortgage offer carefully, as applicable. Your professional advisers can explain how their terms affect you.
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