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Traditionally, people have the choice of either purchasing a home on the open market, or renting either from a private or a social landlord, such as a council or a housing association. With the current housing market, many people are finding it increasingly difficult to purchase a home.
If you are interested in buying a home there are a number of ways in which we may be able to help you.
Before considering buying a home we recommend that you read our leaflet "Guide to Buying or Renting". It summarises the differences between buying and renting your home and will give you a starting point to help you to decide which option is best for you.
If you would like to own your own home, but cannot afford to buy on the open market, shared ownership could be for you. Shared ownership allows you to buy a share of a property and pay rent for the remainder.
You may need to take out a mortgage to purchase a share in the property, but the rental element is based on 2.5% of the remaining share and therefore the total monthly amount normally works out at considerably less than you would have to pay on a mortgage for the whole property.
On a 2 bedroom flat which would cost £125,000 on the open market, if you purchased a 40% share with a full mortgage you would pay £292.30 for the mortgage repayments, but only £156.25 rent on the remaining 60% share (plus service charges). This would therefore be affordable for a single person earning only £16,641.
For details of our shared ownership homes for sale click here.
Under the Right to Buy scheme, you can buy your home at a price lower than the full market value. This is because the length of time you have spent as a tenant entitles you to a discount.
Only tenants who transferred to the association from South Staffordshire Council on 10th March, 1997 have a preserved Right to Buy their home. However, accommodation which has been specially designed to be suitable for the needs of the elderly and disabled is normally exempt from the Right to Buy.
Please note: Each tenancy is different and may also be affected if you have carried out a mutual exchange. In order to check whether you have the Right to Buy please contact us.
Housing associations can receive a form of funding from the Homes and Communitities Agency called Social Housing Grant. New tenants since March 1997 who live in properties provided through Social Housing Grant, have the right to purchase their home through the Right to Acquire scheme at a discount.
However properties designed for the elderly or disabled or which are situated in certain rural areas are not normally eligible for the Right to Acquire.
Please note: Each tenancy is different and may also be affected if you have carried out a mutual exchange. In order to check whether you have the Right to Acquire please contact us.