Feb 24

Affordable Home Ownership Schemes


The Property market is constantly in the media due to the increasing prices of housing throughout the country. With London house prices being the most expensive in the country, it is of course an especially worrying prospect for all first time buyers in the capital.


Aston Brooke and Co. are able to work with you on many affordable home ownership schemes available to first time buyers at the present.

We have outlined various schemes available below which may be able to assist you on getting your first home:

  1. Help to Buy ISA: In order to buy your first home, the Government is offering to top up your savings by 25%, up to a maximum of £3,000.00. Many of the high street banks have these ISA’s available, and once you are ready to purchase your new home, your solicitor will apply for the extra 25%. For more details, please visit: https://www.helptobuy.gov.uk/help-to-buy-isa/how-does-it-work/ or contact you banking provider.


  1. Help to Buy Equity Loan: New Buyers are able to get a low-interest loan for a deposit towards a property. This is towards new build properties and must be paid back after 25 years or when you sell your home (whichever is first). In England, you are able to apply through a Help to Buy Agent. Your Help to Buy Agent can be found via the following link: https://www.helptobuy.gov.uk/equity-loan/find-helptobuy-agent/


  1. Help to Buy Mortgage Guarantee: This allows a buyer to purchase a property with a 5% deposit. The guarantee is provided to the Lender. You can contact many high street banks in order to apply. For more information also see: https://www.helptobuy.gov.uk/mortgage-guarantee/


  1. Shared Ownership: These are available through housing associations. In this scheme a buyer would buy a share of their new home and pay rent on the share that does not belong to them. Further information can be found via your local Help to Buy Agent, or at: https://www.helptobuy.gov.uk/shared-ownership/


  1. Older People’s Shared Ownership Scheme: For buyers over the age of 55, you are able to buy up to 75% through the Older People’s Shared Ownership Scheme. Once you own 75% you no longer need to pay rent on the share that does not belong to you. For more information, please also see: https://www.ownyourhome.gov.uk/scheme/opso/


  1. Home Ownership for People with a Long-Term Disability: Buyers with a long-term disability may be eligible for this scheme. In summary, this means that you can buy up to 25% of your home and also apply for the general shared ownership scheme and own up to 75%. For more information, please visit: https://www.helptobuyese.org.uk/help-to-buy/hold


  1. Right to Buy: Buying your Council Home: Right to Buy provides council tenants the option of buying their council home at a discount. Your solicitor and/or conveyancer will be able to assist you with this procedure, or for more information, contact your local council or visit: https://righttobuy.gov.uk/


  1. Right to Acquire: Buying your Housing Association Home: Right to Acquire provides housing association tenants with the option to buy their homes at a discount. For more information, please contact your housing association, or visit: https://www.gov.uk/right-to-acquire-buying-housing-association-home/overview


Aston Brooke and Co. are happy to provide assistance with the conveyancing procedure on any of the above schemes. We do remind all buyers that we are not regulated to provide financial advice, and you are always encouraged to seek the advice of a financial adviser in relation to the scheme that you choose to use.

Please contact Aston Brooke and Co. for a free, non-obligation, initial consultation.


Contributor Details:

Luckjit Kaur Sidhu is a Solicitor in the Greater London office of Aston Brooke and Co. Please do not hesitate to contact her on 020 3475 4321 for any queries that you may have in relation to any property matters.    

This article does not present a detailed statement of the Law and does not constitute as legal advice. This is a summary only and legal advice should always be sought on an individual case basis.

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