Help to Buy schemes
Help to Buy is a government scheme designed to help anyone struggling to save a deposit for their first home or move up the property ladder as they have limited equity. There are currently three types of schemes available under Help to Buy. Shared ownership is the affordable sale product currently available in the Craven area.
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.
When you want to sell your shared ownership property, usually you will simply sell the share you own. Unless your home is within a restricted village or rural area, it could be possible to buy 100 per cent of your home outright, so it becomes a traditional open market property.
The way to apply for a shared ownership property will vary depending on the scheme. It is advisable to register with the regional Help to Buy agents where you will able to search for properties available.
When a new housing scheme is developed that includes shared-ownership homes, the properties will be advertised on our affordable homes page. 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.
Eligibility
To be eligible:
- your annual household income can be no more than £80,000
- 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
You will need to fill out the Help to Buy online form and be accepted as qualifying for intermediate sale. Shared ownership properties are sold in a similar way to market homes, usually based on a first-come first-served basis.
To register your interest and receive details of shared ownership properties that become available within the Craven area, contact us .