There are a range of schemes designed to help people into home ownership or help those with limited equity move up the property ladder.
There are currently two types of schemes available.
Shared ownership
Shared ownership is designed for people who cannot afford to buy a house on the open market but still want to get on the property ladder.
An initial share is bought - usually 25 per cent to 75 per cent - and then rent is paid on the remaining part. There are two monthly payments, one for the mortgage and one for the rent. However, these are still less than the mortgage would be on an open market property. The other share in your home is owned by a registered provider. It may be possible for you to increase or decrease the share you own in the future, known as staircasing.
Eligibility
To be eligible:
- your annual household income can be no more than £80,000 - this is reduced to £70,000 within the Craven area
- you should be unable to purchase a home suitable for your needs without assistance
- you cannot be a current home owner or be named on the deeds of another property
- you must not have any outstanding credit issues, such as unsatisfied defaults or county court judgments
Priority will go to serving military personnel and former members of the British armed forces discharged in the last two years.
How to apply
Visit the Government's shared ownership scheme web page to check whether you are eligible.
Shared ownership properties are sold in a similar way to market homes, usually based on a first-come first-served basis. The individual property details for the properties advertised will tell you what the qualifications are needed to apply - for example whether you need to currently live or work in a particular area.
We develop our own shared-ownership homes, which are advertised on our affordable homes page. To register your interest and receive details of shared ownership properties that become available, contact us.
Rent to buy
Rent to buy properties are new-build homes for rent. The rents are about 20 per cent cheaper than similar properties on the open market and it is expected that you will use the discount to help you save for a deposit to purchase a home in the future.
Eligibility
To be eligible:
- your annual household income can be no more than £80,000 - this is reduced to £70,000 within the Craven area
- you should be unable to purchase a home suitable for your needs without assistance
- you cannot be a current home owner or be named on the deeds of another property
- you must not have any outstanding credit issues, such as unsatisfied defaults or county court judgments
You will need to contact the individual registered provider to find out what their application process is for these types of properties.