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Affordable Housing Schemes

There are a number of affordable housing schemes available supported by the government and that support subsidised or shared ownership co-buying property schemes. Schemes though vary between different councils and regions so worth checking locally.

Another co-buying shared ownership option it to co-buy with a housing association rather than another co-buyer. Here shared ownership allows you to buy a share of a property (usually 50 per cent) from a housing association and pay rent for the remainder. Your monthly outgoings will include repayments on any mortgage you have taken out, plus rent on the part of the property retained by the housing association.

Later, when you can afford it, you can increase your share until you own the whole property. The purchase of further shares is based on the current market value of the property, whether it has gone up or down.

Where to find shared ownership schemes

The Housing Corporation’s offices can give you the names of housing associations that are currently active with ownership schemes. Note though that priority may be given to existing tenants within these developments or those on waiting lists. Also you should note that demand for these schemes is high. Where possible get your name on a waiting list, or explore other options such as co-buying with another co-buyer.

Your local housing advice centre or Citizens Advice Bureau should be able to give you helpful advice and more detailed local information. Your local council may be able to help, and some fund their own shared ownership schemes or have home ownership departments. Other organisations (e.g. building societies) also offer schemes, but without government funding.

Some good resources are as follows

Further details can be found here on the www.direct.gov.uk website link: http://tinyurl.com/nrcq5

Key Worker Living Programme

Public sector workers, such as nurses and teachers, could get help to buy or rent a home as part of the Key Worker Living programme, a £690m government scheme. The programme aims to help people working in front line roles for key public services. This programme builds on “The Starter Home Initiative” which helped more than 10,000 key workers over the past three years become home owners

The Key Worker Living programme offers four different kinds of help:

    • Equity (Homebuy) loans of up to £50,000 towards buying a home
    • Higher Homebuy loans of up to £100,000 for London school teachers who have the potential to become leaders of London's education system
    • Shared ownership of new properties
    • 'Intermediate renting', where the rent is set at a level between that charged by social and private landlords

Further details can be found here on the www.direct.gov.uk website link: http://tinyurl.com/rw5m6

You can also contact a regional agent direct to discuss your eligibility: