Affordable Housing Schemes

Could an affordable housing scheme be right for you?

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Home 9 Mortgage Overview 9 Affordable Housing Schemes

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Shared Ownership

If you are struggling to buy a home on the open market, Shared Ownership can offer a great alternative route onto the property ladder. The scheme allows you to purchase a share of your new home, usually 10%-75%. Paying a below-market-value rent on the remainder to the housing provider.

You can buy more shares in your home in the future, which is known as ‘staircasing.’ The amount of rent you pay is based on the housing providers share and so, the more shares you buy, the less rent you pay.

In April 2021, the government launched a new model of Shared Ownership and whilst the old model Shared ownership homes are still available, it’s important to know for which model you are applying. This is where Opal can help. We regularly deal with mortgages on these schemes and have relationships with local housing associations and developers. Your adviser will guide you through the process from start to finish including eligibility criteria, lending requirements and all associated costs and fees to make sure this affordable housing scheme works for you.

First Homes Scheme

If you are a first-time buyer, you may be able to buy a newly built home for 30% to 50% less than its market value. Helping you get onto the property ladder in the place where you live and work.

To qualify, you will need to satisfy certain eligibility criteria and seek approval from the local authority. You will also need to apply for a mortgage of at least 50% of the discounted value of the property.

Launched in 2021, The First Home Scheme is in its infancy so, the availability of mortgage finance is limited. If you are considering this scheme, we recommend seeking the right advice. Your adviser will help guide you through the process and obtain a decision in principle from a lending company before you commit to a reservation fee.

Right to Buy

The Right to Buy scheme helps eligible council and housing association tenants in England to buy their home with a discount of up to £87,200 (£116,220 inside London). Discounts increase in April each year in line with any increase in inflation.

Certain properties are exempt from Right to Buy and to be eligible, you must have spent at least 3 years as a public sector tenant.