After this, the sales team will review your details, check that you meet the basic Shared Ownership criteria and guide you through the next stages of the process.
With Peabody, this means completing an application form, taking an initial financial assessment and, if the home is a good match, being invited to view the property.
The assessment helps confirm that you’re eligible for Shared Ownership and that the monthly costs are likely to be affordable before you go any further.
If you decide to reserve a home after viewing it, you will need to pay a reservation fee and complete further checks before receiving a formal offer.
From there, the process moves on to a full financial assessment, mortgage application, appointing a solicitor and working towards exchange and completion.
Step 1: Take a quick financial assessment
After you have registered for a home, Peabody will need to check that you meet the criteria for Shared Ownership and that the home is likely to be affordable for you.
Peabody will arrange an initial assessment with an Independent Mortgage Advisor, who will look at your financial position and whether Shared Ownership is a suitable option before you go any further.
Step 2: View the home and reserve for £500
Once the show home is ready, Peabody will invite you to book a viewing. This could be in person or online, depending on the home and what works best for you.
If you like what you see, you can reserve a home for £500.
When reserving, you may be able to choose a selection of homes, including your preferred choices, which can increase your chance of being offered a home if more than one person reserves the same property.
Before you reserve a home, ask about the available share, estimated monthly costs, service charge, lease details, parking, completion timescales and what happens next.
Getting clear answers at this stage can help you make a more confident decision.
Step 3: Receive your Shared Ownership offer letter
Within seven days of making a reservation, Peabody will confirm whether it can offer you a Shared Ownership home. If you are successful, you will receive an offer letter confirming the next steps.
If more than one person reserves the same home, Peabody will make a decision based on who best meets the eligibility criteria and minimum affordability requirements.
This helps make sure homes are offered fairly and in line with Shared Ownership rules.
Step 4: Complete the full financial assessment
Once you have been offered a property, you will be invited to meet an Independent Mortgage Advisor from Peabody’s selected panel of experts.
They will carry out a more detailed assessment to confirm that you can afford the home and still meet the eligibility criteria.
During the meeting, the adviser will review your income, deposit, savings, regular spending and any financial commitments. They will also help you work out how much of the home you could buy initially.
This is a detailed discussion and may take up to an hour. You must complete the full financial assessment within five days of being offered a property.
For the financial assessment you will usually need to bring ID, recent bank statements and payslips.
You may also be asked for proof of address, evidence of your deposit and details of loans, credit cards, childcare costs or other regular outgoings.
If you’re self-employed, you will likely need to provide additional information. This includes accounts, tax calculations or evidence of your business income.
Also, if you’re selling an existing property, you may also need to share details about the sale.
Delays can happen if documents are missing, out of date or do not match the information in your application.
Changes to your income, deposit, employment status or household circumstances may also mean your affordability needs to be reviewed again.
Step 5: Appoint a solicitor and mortgage advisor
You will need to formally instruct a solicitor and mortgage advisor on the day of your financial assessment.
Once you have done this, you will need to complete an Offer Acceptance Form.
At this stage, your reservation fee will be non-refundable up to completion.
You can choose from Peabody’s selected panel of Independent Mortgage Advisors and solicitors or appoint your own.
Step 6: Secure your Shared Ownership mortgage
Next, you will need to submit your mortgage application within two working days of your financial assessment.
If you plan to go directly to a lender it's worth booking an appointment in advance so you can meet this timescale.
The lender will arrange an independent valuation of the home. If they are satisfied with the valuation and their financial checks they will issue your mortgage offer.
Step 7: Secure your Shared Ownership mortgage
Next, you will need to submit your mortgage application within two working days of your financial assessment.
If you plan to go directly to a lender it's worth booking an appointment in advance so you can meet this timescale.
The lender will arrange an independent valuation of the home. If they are satisfied with the valuation and their financial checks they will issue your mortgage offer.
Step 8: Complete the legal paperwork and exchange contracts
At the same time as your mortgage application is progressing, the legal work will begin.
Peabody’s solicitor will share the required paperwork with your solicitor and respond to any legal questions they raise.
Once Peabody has received your Offer Acceptance Form following a successful financial assessment, a Memorandum of Sale will be sent to your solicitor.
Your solicitor will raise any enquiries and explain anything you need to know before contracts are exchanged.
Exchange is the point where the purchase becomes legally binding: you agree to buy the home and Peabody agrees to sell it to you.
This is usually expected within six weeks of being offered the home, or within five working days of receiving your mortgage offer, whichever is earlier. Once the property is ready to move into, a completion date can then be arranged.
Step 9: Complete and collect your keys
Completion is when the money to buy your home is transferred to Peabody’s solicitors and you legally become the owner through Shared Ownership.
If your home is ready, completion is typically within 10 days of exchanging contracts. If the property is still being built, completion will take place once it is ready to move into.
Before completion, Peabody will contact you to arrange when you can collect your keys, usually later in the day once the funds have been received and completion is confirmed.
How to make the Shared Ownership buying process smoother
There are a few simple ways to make the Shared Ownership process easier after you register:
- Keep your application details up to date
- Have your ID, payslips, bank statements and deposit evidence ready
- Be honest about your income, spending and financial commitments
- Respond quickly to requests from the sales team, adviser or solicitor
- Use mortgage and legal specialists who understand Shared Ownership
- Ask questions early if you’re unsure about costs, timescales or paperwork
- Avoid making major financial changes during the process, such as taking out new credit
Being prepared from the start can help you move through the process with more confidence.
Frequently asked questions about what happens after you register for a Shared Ownership home
After you register, Peabody will review your details and arrange an initial financial assessment to check your eligibility and affordability.
If the home looks suitable, you may then be invited to view and reserve it.
Yes. Before you can view a Shared Ownership home, Peabody will arrange a quick assessment with an Independent Mortgage Advisor to check that you meet the criteria and that the home is likely to be affordable.
You will usually need ID, recent bank statements, payslips and evidence of your deposit. You may also need proof of address, details of financial commitments and extra documents if you are self-employed or selling another home.
The timescale can vary, but once you are offered a home, exchange is usually expected within six weeks or within five working days of receiving your mortgage offer, whichever is earlier. If the home is ready, completion is typically within 10 days of exchange.
