MAYOR OF LONDON
FIRST STEPS in Brent
Information on shared ownership in Brent
The Mayor’s 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 Brent and across London. Use the tabs at the bottom of the screen to find more information on FIRST STEPS schemes available in Brent, or start searching for properties by following these three simple steps:
23rd April 2014
Family Mosaic Sales have now opened the remaining three bedroom properties at Lime Wharf, Hackney to all London Residents.
Prices start from £785,000 with shares available from £235,500 (30%)
View the three bedroom properties at Lime Wharf
If you live or work in a London Borough and want to live by the canal in Hackney email us at email@example.com or call 020 7089 1315
19th March 2014
Affinity Sutton have just one remaining 2 bedroom fourth floor apartment at the landmark Saffron Square development in Croydon. Available from £68,125 (based on a 25% share of the full value £272,500) and a 5% mortgage deposit of just £3,407. The property will be ready to move into from 26 March 2014. Don’t miss out, contact the sales team today on 0300 100 0303 or firstname.lastname@example.org to request a sales pack.
Rent to save in Brent
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.
The London Borough of Brent is in north west London and borders Harrow to the north-west, Barnet to the north-east, and Camden to the east. Brent has a mixture of residential, industrial and commercial land. Wembley is the major town of Brent, which is home to Wembley Stadium and the Wembley Arena. The area is very well served with transport links with both many tube and rail stations. Brent offers many residential areas that are affordable to the majority of Londoners with an easy commute into the City.