In this section you can see the options that are available for tenants in social housing, and those on low incomes, for home ownership.
Help to Buy
The Government has created a range of Help to Buy products to help those who otherwise wouldn't be able to get a foot on or up the housing ladder.
Whether you are looking to get onto the housing ladder or move up it, there are a number of Help to Buy products designed to make buying a home more affordable, including:
Shared Ownership - new build and re-sales
Shared Ownership is designed for those who cannot afford to purchase a property on the open market. This scheme allows you to purchase a percentage share of a property and pay a subsidised rent on the remaining share to the housing association selling the property. You can then choose to purchase further shares in the future until you own the property outright.
This scheme can be available on new build and also second hand properties, which are referred to as re-sale shared ownership. These are homes previously purchased through the scheme and are now looking to be sold.
New changes to the application criteria for shared ownership:
- The threshold on maximum household income per application, has been raised from £60,000 to £80,000 (outside of London).
- The only priority groups for assistance will now be serving members of the British Armed Forces and those honourably discharged in the last two years (or those who are the surviving partners of regular service personnel who have died in service and have applied within two years of the bereavement).
- There are no longer any restrictions which prevent existing shared owners from applying for and moving into another Shared Ownership property.
- Applicants for Shared Ownership are now free to purchase a home with no restrictions on the number of bedrooms allowed.
Please visit the HCA Website for further details.
The Help to Buy Equity Loan scheme is designed to help you purchase specific new-build properties priced up to £600,000 from participating registered developers with as little as a 5% deposit.
The Government lends you up to 20% of the cost of your new-build home, so you'll only need to provide a 5% cash deposit and a 75% mortgage to make up the rest. You also won't be charged loan fees on the 20% loan for the first five years of owning your home.
The loan is paid back either at the end of the mortgage term or when the property is sold.
Want to find out more?
For more information contact Help to Buy East and South East by visiting www.helptobuyese.org.uk or call 03333 214044
If you are interested in buying in another area please visit www.helptobuy.org.uk to find details of the local Help to Buy agent for that region.
The right to buy (secure tenants only)
You have the Right to Buy when you have spent at least five years as a public sector tenant although there are some exceptions to this. For further details, please see the Right to Buy guide from the Department of Communities and Local Government.
If you are eligible for the right to buy, you will be entitled to a discount based upon how long you have been a public sector tenant, and whether you are purchasing a house or a flat.
For further information about buying your flat, please see the Department of Communities and Local Government leaflet called "Thinking of buying your council flat". You can also see the long leaseholders pages.
If you would like to apply, see the Right to Buy from the www.gov.uk website and fill out both the below forms.
Cash incentive scheme (secure tenants only)
This scheme, which is also sometimes called the Home Move Purchase Grant, gives you a lump sum towards buying a property in the private sector when you are releasing your Tendring District Council property so that we can then rent it to a family in need.
For more information, please see our cash incentive scheme guidance form.
If you have bought a council flat or have a long term lease agreement with us, our long leaseholder pages give useful information on issues such as your service charges, planned works etc as well as your leaseholder's handbook.
For those of you living or renting in the private sector, please see our private sector housing pages for advice on various issues such as:
- grants available;
- information for tenants and landlords in the private sector including illegal eviction;
- energy efficiency; and
- empty homes.