How to own a low-cost
home in Newham
To qualify for any of these
schemes you should be able to meet the ongoing costs of owning a
home, but be unable to afford a property outright.
The HomeBuy
scheme
The
First-Time Buyer Initiative
The London-Wide
Initiative
Right to Buy
Right to Acquire
Other home-ownership
schemes
1. The HomeBuy scheme
Introduced by the Government in April 2006, HomeBuy
comprises the following products:
- Helps you buy a share of a newly built home from an affordable
housing provider
- It is traditionally known as 'shared ownership' or 'part buy,
part rent'
- It includes the First Time Buyers Initiative, designed to provide
people with a stepping stone to full ownership
- Helps you to part-buy a property on the open market through a
loan anywhere in England
- There are two products available,
MyChoiceHomeBuy and Ownhome
- Helps council or housing association tenants to buy a share in
the home they currently occupy at a discount. (Note that Newham
tenants are not able to access this scheme currently).
Am I eligible?
The scheme is targeted at:
- council and housing association tenants
- people on the housing register
- key public sector workers
- other first time buyers identified as priorities by Regional
Housing Boards
How do I apply?
Contact your HomeBuy
agent.
For East London you must register with Housing Options. Call
08452 308 099 or visit the
Housing Options website.
Things to remember
The money available for HomeBuy is limited, so not everyone wishing
to use it can do so.
This guide does not state all the rules for the HomeBuy Scheme
and only explains its main features.
Even if you are accepted by a housing association as a suitable
applicant, you may have to wait some time before a property is
available.
You will only be able to obtain all the information you need via
HomeBuy Agents, Communities and Local Government or the Housing
Corporation.
2. The First-Time Buyer
Initiative (FTBI)
This is part of the New Build HomeBuy scheme. It targets key
workers and other people who are currently prevented from entering
the housing market by high property costs.
Under FTBI, first-time buyers should acquire the highest
sustainable share based on their household income.
As with New Build HomeBuy, homebuyers will pay rent on the share
of the property that they do not own. Also, they are able to move
to full ownership over time.
Am I eligible?
Around half of the homes available will be for key public sector
workers, such as nurses, teachers and police officers. The rest
will be available to priority groups as identified by Regional
Housing Boards.
How do I apply?
To apply you must register with Housing Options. Call 08452 308 099
or visit Housing Options.
3. The London-Wide
Initiative (LWI)
A pilot scheme largely based on the same principles as the FTBI .
It will add up to 4,500 homes in London by 2012. The objective is
for new developments to include a mix of open market sales as well
as low-cost ownership and rented homes.
Full details on the scheme are not yet available. However, you
can register your interest via
Housing Options. They will send you more
information.
4. Right to
Buy
If you are a council tenant, you can buy your home at a price lower
than its full market value.
More details on Right to
Buy
5. Right to
Acquire
If you are a housing association tenant, you may be able to
purchase your home at a discount. To do this you must meet certain
criteria. Your housing association will provide you with more
details.
6. Other home-ownership
schemes
The Homes & Communities Agency does fund other schemes to help
those on lower incomes to buy a home although not necessarily
available in Newham.
- Home Ownership for people with Long-term Disabilities
(HOLD).
Under this scheme, homes can be chosen on the open market. A
housing association will then buy the property and sell it to an
individual on shared ownership terms.
Visit the
Housing Corporation website for more information on these
options.
Other organisations, such as housebuilders, may offer schemes
without government funding.