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.

Find out more information about the Own Home Loan Scheme

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 as and when they are available. The Your Home emailer will keep you informed of any discounted market properties along with receiving information and advice to help you get on the housing ladder and to be kept up to date on other low cost homes available in the borough.

Sign up to Your Home emailer

Shared Ownership
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.

Further information relating to shared ownership including how to apply can be found on the Help to Buy website.

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.

Further information relating to the Equity Loan including how to apply can be found on the Help to Buy website

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. These mortgages will be backed by the Government which means if you are unable to pay back what you borrowed, the Government would financially support the lender to help mitigate any losses.

Further information about the mortgage guarantee scheme can be found on the GOV.UK website

Information relating to the current lenders offering the 95% Mortgage Guarantee scheme can be found on the GOV.UK website with their most recent press release.

Further information

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 future updates and further information regarding low cost home ownership schemes by signing up to Your Home emailer.

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.

Find out more information relating to low cost home ownership schemes

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.

Find out more information relating to stamp duty on the GOV.UK website

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