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Affordable Housing
The ever-rising cost of housing has made it difficult for first-time buyers, so people are increasingly seeking alternative means of getting on the property ladder. Buying with your friends or family are two popular options, but you could also take part in a shared ownership scheme. This allows you to buy a percentage of your home, and pay rent on the remainder, with the option of increasing your share as and when you can afford it. Many of these homes are new-builds, with initial shares starting from around 25%, and the eventual option of owning the whole property.
More details of this scheme can be found on the Bedford Borough Council Website click on the link below for further details.
Low Cost Ownership
Whether you are a council or housing association tenant, key worker or first-time buyer there are a range of schemes available to help you get your foot on the property ladder. Use this guide to work out what schemes may be available to you.
Who is Eligible?
There are many different ways you can get help buying a home if you cannot afford to buy. Each individual scheme will have its own criteria – so check the details of each scheme with your landlord or the relevant HomeBuy agent. You may be eligible if you are:
· a council tenant
· a housing association tenant
· those who are on the housing register, waiting for a council or housing association home to rent
· a key worker (e.g. teacher or police officer)
· have a local connection and a household income of less than £60,000 per year.
· first-time buyers who can’t afford to buy a property, as identified by the Regional Housing Board
Types of Schemes
Discount schemes
These schemes help the following priority groups:
· Tenants of councils and housing associations, and those who are on the housing register, who are a priority for a council or housing association home to rent
· Key workers: those working in the public sector in health, education or community safety - such as teachers, nurses and police officers - in areas where high house prices are affecting recruitment and retention. Any assistance will need to be repaid if participants leave qualifying employment
· First time buyers: households who can't afford to buy their own homes, who have been identified as eligible for assistance by the Regional Housing Boards
How the scheme works
You can purchase between 25 and 75% of your home at the outset. When you can afford it, you are able to buy additional shares until you own 100% of your home, unless otherwise stated. This process is known as 'staircasing'.
When you sell the property you can sell the share you own to another household nominated by your landlord or you can staircase to 100% and sell it on the open market. Your landlord also has the right to buy the property back from you in order to offer it to another household who is eligible for low cost homeownership. Once you have informed your landlord of your decision to sell, they have a fixed period of time in which they have to tell you whether or not they want to buy the property.
When you sell the property, it is sold as market value and you will benefit from any increase in value that has built up on the share that you own.
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