Ways to afford your own home

There are different schemes available in England for affordable housing.

 Right to Buy

Buying your council home

Right to Buy allows most council tenants to buy their council home at a discount. There is a really useful eligibility checker tool available on the Right to Buy website which will also help you find out if you can apply for the scheme

For more information click here.

Buying your housing association home

Most housing association tenants do not have the right to buy. If while living in your home as a secure council tenant, and the council sold it to a housing association, you may be eligible for the Preserved Right to Buy. The property must have been transferred from a local council to a housing association after 31 March 1997.

Right to acquire

Right to Acquire allows most housing association tenants to buy their home at a discount.

You apply using the Right to Acquire application form. 

You can apply to buy your housing association home if you’ve had a public sector landlord for 3 years.

These landlords include:

  •          Housing associations
  •          Councils
  •          The armed services
  •          NHS trusts and foundation trust

To be eligible your property must have the following criteria:

  •          Have been built or bought by a housing association after 31 March 1997 (and funded through a social housing grant provided by the Housing Corporation or local council)
  •          It must have been transferred from a local council to a housing association after 31 March 1997
  •          Your landlord must be registered with the Homes and Communities Agency.

The home you want to buy must also be a self-contained property and your only or main home.

 Help to Buy

Help to Buy: Shared Ownership

Shared Ownership can help you get your first step onto the ladder of home ownership. The scheme allows first time buyers and those that don’t currently own a home the opportunity to purchase a share in a new build or resales property.

You would pay a mortgage on the share that you own and pay rent to the housing association for the remaining share. You have the chance to buy a share of your home (between 25% and 75% of the home’s value) with the potential option to buy more shares later on; this is called staircasing.

For more information click here.

Help to Buy: Equity Loan (2021 – 2023)

First time buyers in England can apply for an Equity loan, which is provided by the government to help put towards the cost of buying a newly built home.

A minimum of 5% or a maximum of 20% (40% in London) can be borrowed of the full purchase price of a new-build home.

You must buy your home from a homebuilder registered for Help to Buy: Equity Loan.

There are caps on the amount that you can borrow. To find out more click here.

 

 

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