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Your Options

FIRST STEPS offers options to Londoners who cannot get a foot on the housing ladder. These are provided by a range of housing associations providing new homes in the capital.

FIRST STEPS offers you two main product options:

  • Shared Ownership: you purchase a new or existing home from a housing association. You purchase the maximum share in the property that you can afford with a minimum requirement of 25% and pay rent on the remaining share (often referred to as part buy part rent). Homes are either brand new or being sold by existing shared owners. The rent on the outstanding share is usually set a maximum of 3% on the value of that share when the home is first sold. Rent levels on resale homes can be higher. Find out more about Shared Ownership
  • Rent to Save: you rent for a fixed period, up to five years, at up to 80% of the equivalent market rent for that property, with a fixed rate of inflation. A savings plan is put into place to help you save for a deposit. At any point during the tenancy you can purchase on shared ownership or shared equity terms. If you are no longer wish or are able to buy you can end your tenancy on the terms of your agreement. Find out more about Rent to Save

Further options available:

  • Help to Buy: you purchase a minimum of 80% of the property with a mortgage and a deposit. You need to be able to raise a minimum deposit equivalent to 5% of the value of the property. NO fee will be charged on the loan for the first five years. After that you will pay a fee on each of the equity loans of 1.75%, rising annually by the increase in the Retail Price Index (RPI) plus 1%.  Find out more about Help to Buy
  • Discount Full Ownership: you purchase 100% of a new home from a specialist private developer at a discount of 80% to the open market value.  These homes are primarily one-bedroom apartments and prices are capped at £231,000 regardless of local values. Find out more about Discount Full Ownership

You should also review the other options page for other products that you may be suitable for.

Find out more about other options

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