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Affordable housing schemes
Share to buy - Affordable Housing Mortgages
The term ‘affordable housing’ refers to the various Government schemes designed to help people meet their housing needs and aspirations with easily affordable housing for sale. Although affordable Government housing schemes include important rental products, at Share to Buy our focus is on low-cost home ownership schemes such as shared ownership, or rental products that lead to home ownership (e.g. rent to buy). You can search for affordable housing for sale on our property portal, and apply for affordable housing mortgages via our experienced shared ownership mortgage team.
How does it work?
In order to help first time buyers and others to buy a home, affordable housing schemes tend to involve some form of reduced deposit requirement. For example, the main schemes available for affordable housing in the UK are shared ownership and shared equity, both of which have the potential for the customer to put down a 5% deposit. In addition, other elements help make the process more affordable, such as the fact that the rent you pay on ‘part buy part rent’ homes is subsidised. You can find more on how the specific schemes work: shared ownership (part buy part rent); and shared equity (including Firstbuy).
What properties are available through the affordable housing programme?
You are no longer able to purchase any second hand property you wish to buy because all affordable housing funding for ‘open market’ schemes has ceased, with certain regional exceptions. As such, the schemes are restricted to specific properties: new build homes and second hand shared ownership properties, sold by affordable housing providers such as housing associations. You can search for affordable houses for sale on our property portal, or read about how we can help you with an affordable housing mortgage.
Shared Ownership Case Studies
Latest News
Shared ownership properties for part buy part rent
14th February 2012
If you are looking for affordable housing to buy, we may have the answer. At sharetobuy.com you can search for shared ownership properties available to buy through the part buy part rent scheme. These are properties generally sold by housing associations where you buy a share starting at 25% and pay an affordable rent on the remainder. Start searching now.
100% shared ownership mortgages and great 90% open market deals
20th January 2012
We now have access to 100% shared ownership mortgages. Customers can access zero deposit mortgages for part buy part rent but they must have no adverse credit history. More details here. We have also cut our open market 90% exclusive discount rate with no fees or early repayment charges. Read about our 10% deposit option for young professionals and first time buyers.
Tools
- Search: search for shared ownership properties; search for shared ownership solicitors.
- Calculators: shared ownership mortgage calculator; staircasing calculator; open market calculator.
- Apply: shared ownership mortgages; agreement in principle
The main providers of affordable housing apartments and houses are housing associations, though national builders also provide properties classified as ‘affordable’ through shared equity schemes (e.g. Firstbuy). Housing associations receive an affordable housing grant to provide properties through schemes such as shared ownership. This money is ultimately provided through the Government’s main affordable housing fund, i.e. from the Homes and Communities Agency and its various affordable housing programmes. The Coalition Government’s affordable housing plan focuses largely on ‘affordable rent’. However, there is still plenty of affordable housing available across the country available for purchase, through part buy part rent or shared equity schemes. Share to Buy is not a Government agency or housing association but is one of the many affordable housing companies operating in the private sector, as do many other consultants, brokers etc.
Applying for affordable housing
Many customers ask us about joining the ‘affordable housing list’. For low cost home ownership products, this means registering with your regional homebuy agent, a Government funded point of contact for initial registration. First Steps is the agent for affordable housing in London, and there are also agents offering rural affordable housing. Please note that Share to Buy does not cover affordable housing in Wales, Scotland and Northern Ireland because these are devolved areas (though if you are looking for affordable housing finance, such as a shared ownership mortgage, we can usually assist across the UK). To make an affordable housing application, contact your homebuy agent or click for more local information from Share to Buy including: affordable housing Yorkshire; affordable housing Kent; affordable housing Cornwall; affordable housing Leeds and affordable housing Manchester. Share to Buy aims to provide leading legal information on affordable housing mortgages and available affordable housing for sale.
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