FIRST STEPS in Barnet
Information on shared ownership in Barnet
The Mayors FIRST STEPS programme offers a range of intermediate housing options to Londoners on low and modest incomes, which may enable you to buy with a smaller deposit or rent at a lower rate than is otherwise possible. The Mayor has partnered with property portal Share to Buy to advertise all FIRST STEPS properties in one place and www.sharetobuy.com/firststeps is the official website where you can find affordable homes to buy and rent in Barnet and across London. Use the tabs at the bottom of the screen to find more information on FIRST STEPS schemes available in Barnet, or start searching for properties by following these three simple steps:
5th March 2015
There is just over a week to go until the FIRST STEPS Homes Show Spring 2015, the major event for first time buyers in London. We want you to make the most of the day, so we've produced some guides for you to view in advance to introduce you to Shared Ownership and Share to Buy.
26th January 2015
A Home of Your Own, Moat’s open market shared ownership scheme, has now completed on it’s second purchase since its launch last year! With the scheme being previously exclusive to social tenants, it opens to all first time buyers from 1 February 2015. Moat are now taking applications from all first time buyers in advance of this date.
Rent to save in Barnet
Rent to Save is designed to enable aspiring home-owners to move into the home they have chosen, even if they have not yet been able to save a sufficient mortgage deposit.
As the rent will be at a lower than market rate, you will be able to save throughout the period of your tenancy. Using typical assumptions for rental levels and mortgage deposits for shared ownership, a household regularly saving just the difference between their rent and market rent would have a sufficient deposit in less than two and a half years.
The housing provider will discuss with you your savings goal from the outset of the tenancy and how you should work towards this. The housing provider will explain to you how they will review your savings goal on an ongoing basis to ensure you are on course to achieve it.
The key features of the product are:
- Let at up to 80% of the equivalent market rent for that property, with a fixed rate of inflation.
- The property would be let on an assured shorthold tenancy for a fixed term, up to five years, linked to (but not necessarily the same as) the required savings period. The period can be extended if you still want to buy but need a bit more time.
- The tenancy can be ended, subject to the terms of your tenancy agreement and initial fixed terms being spent, at any point.
- A savings plan will be put in place to help you raise a sufficient deposit to purchase on either shared ownership or equity loan terms within five years.
- The housing provider will discuss with you their regular reviews to check your progress in saving for a deposit.
- You can purchase on shared ownership or equity loan terms at any point in the tenancy, subject to still being eligible (see the ‘Am I eligible?’ page)
Availability of Rent to Save properties is currently limited as the product is due to rolled out from April 2013 onwards, but you can register for alerts on sharetobuy.com for when such properties are uploaded and from time to time you can also find Rent to buy properties and Intermediate Market Rent apartments at www.sharetobuy.com/firststeps. Share to buy is an affordable homes property portal provider and the official partner of the GLA and the Mayor of London in delivering the FIRST STEPS property portal.
Situated in North London, forming part of Outer London. It is the second largest London borough by population with 331,500 inhabitants and covers an area of 86.74 square kilometres. It borders Hertfordshire to the north and five other London boroughs: Harrow and Brent to the west, Camden and Haringey to the south-east and Enfield to the east.
In the north of the borough on the eastern side is Barnet, also known as High Barnet or Chipping Barnet, Totteridge and Whetstone. In the north on the western side is Edgware and Mill Hill. The central northern part of the borough is largely countryside. Further south, the development becomes steadily more intensive around the suburbs of Cricklewood, Colindale, Hendon and Finchley. Golders Green is renowned for its Jewish minority ethnic population and forms part of the south of the borough, along with Hampstead Garden Suburb and Childs Hill. Barnet has the largest Chinese population of any London borough.
Much of the borough is within the Metropolitan Green Belt, and it has a large number of parks and open spaces. The borough is served by the northern-most sections of the Northern Line, including all three of the line's northern termini. National Rail services in Barnet are operated on two lines; the Midland main line with stations at Mill Hill Broadway, Hendon and Cricklewood and the the Great Northern Route with three stations at New Barnet, Oakleigh Park and New Southgate.
The borough has a wide mix of affordable housing, and you can search for shared ownership properties in Barnet using the FIRST STEPS portal.