Can I get help if I want to own my own home?
If you have any savings or assets, it is always worth exploring options available to you through affordable home ownership. There are several alternatives to a traditional mortgage for those looking to own their own homes, many of which are much easier to access due to requiring lower up-front deposits.
Shared Ownership
Shared ownership is a scheme where you buy a proportion of the value of a property and pay rent on the rest, which will be owned by a landlord, usually a housing association.
For example, you could purchase 50% of the property and pay rent on the remaining 50%. The share you can buy is usually between 25% and 75%, but in some cases may be as low as 10%.
You can buy a new-build home or an existing home through a shared ownership resale scheme.
You could buy a property through shared ownership if:
- Your household has an annual income below £80,000;
and
- You cannot afford all of the deposit and mortgage payments for a home that meets your needs
and
- You are either: a first time buyer; you used to own a home but now cannot afford to buy one now; you already own a shared ownership property but are looking to move; you are forming a new household (for example after a relationship breakdown).
If you buy a shared ownership home, you are able to buy further shares in the future, in most cases up to 100% of the property.
For more information on shared ownership, visit the Shared Ownership Homes page on the gov.uk website: Shared ownership homes: buying, improving and selling: How shared ownership works - GOV.UK
Shared ownership is run by housing associations. The housing association will be the landlord that owns the portion of the home that you pay rent on.
To find a shared ownership home, and apply to buy one, please contact the Housing Associations directly. You can search for housing associations that offer shared ownership here: Where do you want to buy a home?
Properties are also often advertised on property websites such as Rightmove and Share to Buy https://www.sharetobuy.com/
There is a specific scheme for people with disabilities to purchase a home that meets their needs on a shared ownership basis (HOLD – Home ownership for people with long term disabilities). The organisation that offers this scheme in Coventry is Advance Housing and Support HOLD Shared Ownership for People with Long-Term Disabilities | Advance Housing
Discount Market Sale
Discount Market Sale is a scheme offered by developers on some new-build sites, where properties are available to buy at 25% below market value. You will own 100% of the property and there is no rent to pay. If you sell the property in the future, it must be to someone who is eligible, and you must give them the same percentage discount that you received, based on the home’s market value at the time of the sale.
Discount Market Sale properties may be available directly from developers on new sites, and re-sales of discount market properties may be advertised by estate agents.
To be eligible to buy a Discount Market Sale property the purchaser must:
- Have a local connection to Coventry
- Have a household income at or below the average household income in Coventry at the time you buy the property. The current household income limit is £41,500 per year.
If you are interested in buying a discount market sale property, contact developers directly or look out for adverts placed by estate agents.
Re-sales of discount market sale properties
If you want to sell your discount market sale property, please contact housingstrategy@coventry.gov.uk before the property is marketed, to clarify the exact details for the sale of your property. You will need to provide evidence to show that the sale meets the criteria.
First Homes
First Homes is a government scheme where eligible people can buy a new build property with a discount of at least 30%. For more information about the scheme and eligibility, please visit the First Homes scheme: first-time buyer's guide: Overview - GOV.UK
The First Homes scheme is offered by some developers on specific sites, please contact the developers directly to express an interest.