Low Cost Home Ownership
Are you looking to own a property but are not able to get onto the property ladders? We are looking for expressions of interest in the following two schemes to produce a mailing list when these housign options become avialable in the Borough.
Rent to Own
This scheme supports the purchase of a home for those who do not have sufficient funds for a mortgage deposit. It enables tenants of rental properties within the scheme, to build up a lump sum toward a deposit whilst they rent their home. The lump sum toward the deposit can then be used to help secure a mortgage to enable the purchase of the home.
How it works
With Rent to Own
- You will have the opportunity to purchase the home you are renting and can build up a lump sum towards a mortgage deposit whilst renting the home
- You will initially rent the home and can receive 25% of the rent paid over the duration of the tenancy and 50% of the increase in the property value (if any) during the period of time you have rented the property to use as a deposit towards purchasing the property.
The rent to own agreement lasts up to 5 years, you can apply to buy your home at anytime between the end of the 2nd year and the end of the agreement.
Mor informaiton on this scheme can be found here
Shared Ownership
This provides support to those wanting to buy a home but cannot quite afford the purchase of 100% of the home at the full market value.
How it works
- You can purchase of an initial share of between 25% to 75% of the value of the chosen property
- You pay a rent on the share retained by the landlord
- You must take out a repayment mortgage for the share of the home purchased
- You can increase your share in the property at anytime
Further information on shared ownership can be found here
If you would like to register your interest in either of these schemes please click to download the form