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Low-cost home ownership schemes - a guide

There is a range of schemes available to help you buy a home. You could be eligible if you are a council or housing association tenant, key worker or first time buyer. Find out what schemes may be available to you.

Help for council or housing association tenants to buy a home

If you are a council or housing association tenant, there are two types of scheme available to help you buy a home.

Discount schemes

These are offered by social landlords (councils and housing associations) to give their tenants the chance to buy their rented home at a discount. The discount is calculated based on where you live, how much the property is worth and the share you buy.

The two main discount schemes are ‘Right to Buy’ for council tenants and ‘Right to Acquire’ for housing association tenants. Follow the links below for more information on each scheme.

Cash incentive schemes

Your council may also run a cash incentive scheme. If you are a council tenant, the council may offer you money to move to a smaller property. The council might do this so they can use the space to house people on their waiting lists. The details of the scheme vary from council to council, and not all councils offer the scheme. To find out more, contact the housing department of your local council.

'HomeBuy' schemes

You could get help to buy a home through a HomeBuy scheme. They are open to households earning less than £60,000 a year who would otherwise be unable to buy.

You may be eligible if you are either a:

  • first time buyer
  • previous home owner who can't now afford to buy without help (perhaps because you have broken up with your partner)
  • housing association or council tenant
  • ‘key worker’ (a key public sector worker, like a nurse or teacher)

See the information below on the ‘Key worker living programme’ to find out if you qualify as a key worker.

HomeBuy options

There are two HomeBuy options:

  • ‘Social HomeBuy’ - helps council and housing association tenants buy a share of their home at a discount if their landlord offers the scheme
  • 'New Build HomeBuy' - helps people to buy a share of a newly built property and pay rent on the remainder

If you can’t afford to buy a share of a home through one of these shemes, you could get help through ‘Rent to HomeBuy’. You could rent a newly built property for a fixed length of time. During this time, you could save a deposit to buy a share of the property through the New Build HomeBuy scheme.

First Time Buyers' Initiative

If you are a first time buyer, you may be able to take part in the First Time Buyers' Initiative to help you buy a newly built property.

The scheme is only available on certain housing developments, so check with the HomeBuy agent for your area.

HomeBuy Agents

The HomeBuy schemes are run by HomeBuy agents, who can help you through the application process to buy a home on a scheme. HomeBuy agents are appointed housing associations - non-profit organisations that manage housing for people who have difficulty buying a home.

If you think you are eligible for help to get a home through a HomeBuy scheme, contact your local HomeBuy agent. If you are a key worker, contact a HomeBuy agent for the area where you work.

You can find your local HomeBuy agent by following the link below.

If you are a council or housing association tenant interested in the Social HomeBuy option, contact your landlord to find out if the scheme is available to you.

HomeBuy schemes and disability

If you have long term disabilities, you can also buy a house on a shared ownership basis. Contact the HomeBuy agent in your area if you think you are eligible for a HomeBuy scheme. The HomeBuy agent may put you in touch with a specialist provider experienced in helping people with long term disabilities.

Buying your home

Buying a home is a major financial commitment that will involve immediate costs, like legal fees, any deposit and possibly Stamp Duty Land Tax. You’ll also have to pay ongoing costs, like paying the mortgage, repairs and service charges. You can work out some of the potential costs involved in buying your home by reading 'Planning for buying a home'.

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