Low-Cost Housing Options
These were properties sold on the open market that were built on council-owned land. Owners who decide to sell have to inform their council that the property is to be advertised. People registered with Home-Options will be informed of the sale prior to the property being advertised on the open market.
For more information, contact your local Home-Options team.
Traditional Shared Ownership
Under this scheme, a housing association will sell you a newly-built property on a part-buy/part-rent basis. This means that you buy a share of the property in the normal way with a mortgage and/or savings, and you pay a subsidised rent to the housing association on the remaining share.
The amount of share you initially purchase is normally between 25% and 75%. If you sell the property, the percentage of the proceeds you receive is equal to the percentage of the property you own. If you wish, you can buy further shares in the property as your financial circumstances improve. Eventually you may be able to own the property outright.
You will need to register with Home-Options to be considered for Shared Ownership properties. Available properties in this scheme will be advertised on this Home-Options website and in the fortnightly property list.
Find out more about shared ownership, visit the Affordable Home Ownership Schemes page on the GOV.UK website.
HomeBuy is a government-funded programme, of low-cost affordable home ownership. It covers the following broad types of product:
Open Market HomeBuy
My Choice Homebuy with Metropolitan Home Ownership, offers equity loans between 15% - 50% to help social housing tenants, waiting list applicants, first time buyers and some key workers onto the property ladder. For further information call 0845 602 7184 or visit their website www.mho.co.uk/.
New Build HomeBuy
New Build HomeBuy is designed to help people who cannot afford to purchase a property outright. It enables eligible people to usually buy either 25%, 50% or 75% of a property by way of a mortgage or cash purchase and you will then simply pay a subsidised rent on the remainder.
Help to Buy
Help to Buy is a Government scheme to help you buy a home with just a 5% deposit.
For further information visit the Help to Buy website.
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