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Shared Ownership Housing
There are two ‘HomeBuy’ schemes to help people buy affordable housing:
- ‘HomeBuy Direct’ - you get a loan towards the home’s purchase price that has no fees for five years
- ‘shared ownership’ - you buy a share of your home and pay rent on the remaining share
HomeBuy schemes are a first step to fully owning your home. When you can afford it, you can pay more money, eg through savings or your mortgage, to own your home outright.
Shared Ownership for the Elderly
If you are aged 55 or over, you can get help from another HomeBuy scheme called ‘Shared Ownership for the Elderly’.
It works in the same way as the shared ownership scheme, but you can only buy up to 75 per cent of your home.
Once you own 75 per cent of the home, you won’t have to pay rent on the remaining share.
Shared ownership - who can get help?
The shared ownership scheme covers certain newly built affordable housing across England. It is also called ‘New Build HomeBuy’.
The scheme is provided through ‘HomeBuy agents’, who will decide if you can buy a home this way. HomeBuy agents are housing associations that have been authorised to run schemes for people who have difficulty buying a home. After you’ve bought your first share, you can usually buy more shares until you own the whole value of the property. This is known as staircasing.
You can buy more shares in your home any time after you become the owner. To do this, you’ll have to write to your housing association.
You can only buy a home through shared ownership if:
· your household earns £60,000 a year or less
· you can’t otherwise afford to buy a home in your area
Shared ownership is open to:
· people who rent council or housing association properties
· ‘key workers’ in the public sector, eg teachers, who work in the area
· first-time buyers (you are a first-time buyer if you haven’t owned a home before)
· You can also get help through shared ownership if you used to own a home, but can't afford to buy one now.
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