Home ownership schemes
This content applies to England only.
Housing laws vary between England and Scotland. Get advice relating to Scotland
If property is expensive in your area, buying on the open market
may seem impossible, but in many parts of the country there are schemes
that can help make home ownership a more realistic option. Buying a home is always a big financial commitment, but home
ownership schemes can help to make it more affordable and less risky
than buying privately.
You may be eligible for these schemes even if you don't have the Right to Buy or the Right to Acquire.
Although home ownership schemes can make buying a place an option,
you need to think seriously about whether you will be able to afford it in the long-term. The options set out in this section can cut the costs of buying
but your monthly mortgage
payments may still be expensive in relation to your income. Always get financial advice before you sign up to any scheme.
About home ownership schemes
Gives an overview of the different home ownership schemes available and how they operate.
HomeBuy shared ownership
Under the New Build HomeBuy scheme, newly built homes or renovated properties are sold on a shared ownership basis. The lease usually lasts for 99 years.
Social HomeBuy
Social HomeBuy gives eligible council and housing association tenants the opportunity to buy a stake in their current home. You may be eligible even if you do not qualify for the Right to Buy, or the Right to Acquire.
HOLD
This is a home ownership scheme, which allows people with a long-term disability to buy a share of between 25 and 75 per cent under the HomeBuy scheme. This is known as the HOLD scheme.
Shared ownership for the elderly
Shared ownership for the elderly is a new HomeBuy scheme to enable people aged 55 and over to buy a home on a shared ownership basis.
Cash incentive schemes
This scheme is designed to free up council and housing association properties so they can be offered to people on housing waiting lists.
HomeBuy Direct
HomeBuy Direct is a shared equity scheme for new-build properties.
FirstBuy
FirstBuy is an equity loan home ownership scheme, available for two years from September 2011.
Armed forces home ownership scheme (AFHOS)
It can sometimes be difficult to get your feet on the property ladder, but a pilot home-ownership scheme could provide help for some members of the armed forces.
