FIRST STEPS in Bromley
Information on shared ownership in Bromley
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 Bromley and across London. Use the tabs at the bottom of the screen to find more information on FIRST STEPS schemes available in Bromley, or start searching for properties by following these three simple steps:
29th June 2015
Our latest Guest Blog come from Vikki Baines, Account Manager - Open Market Shared Ownership, Moat. Vikki takes a look at the beginning of the shared ownership journey - the things to consider and where to look for properties.
10th June 2015
Southern Housing Group has become the first housing association in the country to deliver a new service specifically for shared owners called Second Steps.
The Group has worked with the Greater London Authority (GLA) to offer its existing shared ownership customers who would like to move home, but currently can’t afford to buy a property outright, the opportunity to find a home on the open market and then receive support to purchase it on a shared ownership basis.
Rent to save in Bromley
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 borough is partly urban and partly rural, the former to the north and very much part of the built-up area of suburban London. The borough is the largest in London by area and occupies 59 square miles, of which the majority is green belt land.
The borough very much typifies the ‘leafy suburbs’ and from the 2001 census the residents were predominantly owner-occupiers, with 32.53% owning their house outright, and a further 42.73% owning with a mortgage.
The borough offers a wide choice of schools and is very well served by the rail network , including the London overground and London tram link , but does not have any underground stations at all.
Famous residents of the borough include Charles Darwin and David Bowie.
The borough has a wide mix of affordable housing, and you can search for shared ownership properties in Bromley using the FIRST STEPS portal.