Low cost home ownership schemes
If you want to buy your own home, but don’t have a large enough deposit, you might want to consider the Government’s Help To Buy scheme.
This provides Equity Loans to enable people to buy a property, with a five percent deposit. The scheme:
- Applies to new build properties only
- Available to all, not just first time buyers
- The property purchased with the Help to Buy scheme must be your only residence and you cannot own any other property other than your Help to Buy property.
Alternatively, shared ownership may be an option if you can’t afford to fully buy your own home.
Shared ownership enables you to buy a share in a new property and pay a reduced rent on the remaining share.
When you can afford to you can ask to buy additional shares in the property until you own the property outright.
Shared ownership housing is open to households who have an income of less than £80,000 per year and who do not already own their own home. If you are an existing homeowner you may be considered for shared ownership but your home must be 'sold subject to contract' when you apply and it must be sold before you can complete the purchase of a new home.
More information about registering for shared ownership can be found at the Help to Buy Midlands website, the local Help to Buy agent for this area.