Low cost home ownership
Low cost home ownership opportunities are open to people who cannot afford to purchase a property on the open market.
What low cost home ownership opportunities are available?
Own Home Loan scheme
The scheme is modelled on the Government’s existing Help to Buy: Equity Loan scheme, but the Own Home Loan scheme allows successful applicants to purchase existing homes, not simply new build properties.
Discounted market properties
There are some properties in the borough that are for sale on the open market at a discounted price. Prospective buyers are required to meet certain criteria set out by Basingstoke and Deane Borough Council. Discounted market properties will be advertised through the council’s Your Home emailer where you will also receive information and advice to help you get on the housing ladder and be kept up to date on all low cost home ownership opportunities available in the borough. Sign up to Your Home emailer
If you are a current owner of a discounted market property and you are looking to sell please get in touch with us via email at firstname.lastname@example.org.
First Homes are a specific kind of discounted market sale housing which is open to first time buyers (individuals or couples) who have a combined annual household income not exceeding £80,000. First Homes will be discounted by a minimum of 30% against the market value; on their first sale, will have a restriction registered on the title at HM Land Registry to ensure this discount (as a percentage of current market value) and certain other restrictions are passed on at each subsequent title transfer; and after the discount has been applied, the first sale must be at a price no higher than £250,000 (outside of Greater London). The Government website provides further information on First Homes.
Basingstoke and Deane Borough Council is currently determining how First Homes will be implemented in our area, including additional criteria at a local level, such as a local connection requirement, whilst taking into account government guidance. Updates will be provided via our website and the council’s Your Home email. By signing up to our Your Home emailer you will also receive information and advice to help you get on the housing ladder and be kept up to date on all low cost home ownership opportunities available in the borough. Sign up to Your Home emailer. If you have any questions in relation to First Homes please get in touch with us via email at email@example.com.
With this government scheme, you can buy a share of a property and pay rent to a housing association on the other share. Our website provides information on how shared ownership works.
Help to Buy Equity Loan scheme
This government scheme allows you to borrow a low interest loan to put towards the cost of purchasing a new build property.
The 95% Mortgage Guarantee scheme
As part of the 2021 budget, the Government plans to guarantee 95% mortgages for buyers with 5% deposits on homes up to £600,000. This scheme began on 19 April 2021 and will be available on mortgages taken out until 31 December 2022. These mortgages will be available to first time buyers and current home owners, with the Government offering lenders the guarantee they need to provide mortgages that cover the other 95%, subject to the usual affordability checks.
Help to buy event
We run our own help to buy event where you can receive information and ask questions relating to low cost home ownership options. Sign up to our Your Home emailer for updates and information regarding low cost home ownership schemes within the borough.
Help to Buy schemes
A government scheme providing a range of low cost home ownership options including, shared ownership and equity loan. The Help to Buy website provides answers to frequently asked questions, information on how to apply for these schemes and a mortgage calculator. Find out further information directly from Help to Buy.
Stamp duty holiday extended
The Government introduced the stamp duty holiday on house purchases last year in a response to the Covid-19 crisis. The property purchase tax has been suspended on the first £500,000 of a property’s value, until 30 June 2021. Afterwards, the threshold for paying tax reduces to £250,000 until the end of September 2021 and returns to the usual threshold of £125,000 from 1 October 2021.
How can I be kept up-to-date?
Sign up to our Your Home emailer to be informed of the discounted market properties for sale in the borough. You will also receive information and advice to help you get on the housing ladder and be kept up to date on all low cost home ownership opportunities available in the borough.
If you have an enquiry about any low cost home ownership opportunities, please email the Housing Strategy Team