Does ownership abroad mean I cannot buy in the UK?

Owning a Property Abroad 

Owning a house abroad should not automatically disqualify you from participating in shared ownership schemes in the UK. Shared ownership programs are designed to help people who may not be able to afford to buy a home outright, including first-time buyers or those with lower incomes. 

However, eligibility criteria may vary depending on the specific shared ownership scheme and the housing association or provider involved. 

Here are some points to consider: 

1. Income criteria - shared ownership schemes often have income restrictions, so you'll need to meet the income eligibility requirements regardless of whether you own property abroad  
2. Residency status - some shared ownership schemes may require you to be a UK resident or have the right to reside in the UK. Your residency status could influence your eligibility, but owning property abroad does not necessarily disqualify you  
3. Affordability assessment - shared ownership providers will assess your financial situation to determine whether you can afford the monthly costs associated with shared ownership, including mortgage payments, rent (if applicable), and service charges  
4. Legal considerations - you'll need to consider any legal or tax implications of owning property abroad while also participating in a shared ownership scheme in the UK. It's advisable to seek advice from a tax professionals who are familiar with both UK and international property laws 
5. Lender requirements - if you require financing to purchase a shared ownership property, mortgage lenders may have their own eligibility criteria. While owning property abroad could be a factor they consider, it's not necessarily a barrier to obtaining a mortgage for a shared ownership property 

Ownership a Property Abroad Summary 

Shared ownership is a system in the UK where you can buy a percentage of a property and pay rent on the remaining portion that you don’t own. Owning a property abroad will not automatically exclude you from shared ownership. However, these schemes are usually only open to households earning less than £60,000 a year who would otherwise be unable to buy. 
 
You may be eligible if you are either a first-time buyer, a previous homeowner who can't now afford to buy without help (perhaps because you have broken up with your partner), a housing association or council tenant or 'key worker' (a key public sector worker, like a nurse or teacher). 
 
I recommend that you look at the www.direct.gov.uk website and the section on home ownership schemes under the Home and Community section. This gives you all the information you will require together with the details of who to contact. 

Before applying for shared ownership, it's best to contact the housing association or a mortgage broker such as John Charcol to determine your eligibility. We can provide specific guidance based on your circumstances and help you understand any potential limitations or considerations related to owning property abroad. 

Please call 0330 433 2927 and one of our consultants will then be able to advise you on your situation.