How to find the right option for you

If you’re ready to buy a home but can’t quite make your finances stretch to cover 100% of the purchase price, don’t worry – you’re not alone!

Shared Ownership is a great way to get onto the property ladder because it allows you to buy a share in a new home of between 25% - 75%, depending on what you can afford, and then ‘rent’ the part you don’t own.

You can increase the share of the home that you own over time if you wish to do so – this is known as staircasing.

To be eligible for Shared Ownership:

– Your household must earn less than £80,000 a year

– You must be a first-time buyer or have sold/have a firm offer on your current home

– Your income is sufficient to cover the mortgage, rent and service charges

– You must complete a Shared Ownership Eligibility Application, which can be found here

If all of this sounds right for you then our HomesHub by Plus Dane team would love to talk to you more about your options. You may also find our step-by-step guide to buying a home through Shared Ownership helpful too.

Rent to Buy gives you the chance to rent your ideal home for up to five years at a discounted rate of 20% below the market rental value. This gives you time to save for a deposit to buy the property when the time is right for you.

The great thing about the Rent to Buy scheme is that, as your circumstances change, so do your options. After the five year period of discounted rent, you can assess your purchase options – including buying your home outright if you can afford to, or buying a percentage of it through Shared Ownership if your finances won’t cover the full property value.

To be eligible for Rent to Buy you must be:

• working, and intending to buy your own home within the first five years of renting
• a first-time buyer, or returning to the market ( a previous homeowner who no longer owns a property)
• earning less the £80,000 per year per household
• able to afford the rent, and pass a credit reference check

Buying a pre-owned Shared Ownership home works in the same way as it would on the open market.

We list all our previously owned properties on the official Help to Buy website.

The only real difference with a resale home is that it’s not brand new. Because of this, you will need to liaise with an appointed estate agent rather than us when viewing the home, but we will be on hand if you have any questions or queries.

There are certain criteria you’ll need to meet to qualify for a Shared Ownership resale home:

– Your household’s combined income is £80,000 a year or less
– You’re a first-time buyer or you’ve sold/had a firm offer on your current home
– Your income is sufficient to cover the mortgage, rent and service charges

To get started you’ll need to complete a Shared Ownership Eligibility Application, which can be found here, and affordability checks.

If you currently rent your home you may be eligible for one of the government statutory purchase schemes called the right to buy/right to acquire.

Right to buy and right to acquire are two government schemes that mean some of our customers can apply to buy the home they live in, at a discount. To qualify for either scheme, a certain list of criteria must be met.

You can only apply for the Right to Buy if:

• You were previously a secure tenant of a local authority and your home was transferred to Plus Dane. This only applies if you were living in the home at the date it was transferred.
• You have been a tenant of ours for at least three years.
• You live in a self-contained property (no shared facilities like kitchens and bathrooms).

If you're a housing association tenant you might not be eligible if:

• You are bankrupt or are being made bankrupt.
• You live in a home considered particularly suitable for the elderly.

You can find out if you are eligible for right to buy by taking this survey on the Government's website.

If you currently rent your home you may be eligible for one of the government statutory purchase schemes called the right to buy/right to acquire.

Right to buy and right to acquire are two government schemes that mean some of our customers can apply to buy the home they live in, at a discount. To qualify for either scheme, a certain list of criteria must be met.

You can only apply for the Right to Acquire if:

• If your home was built or acquired after 1 April 1997.
• You have been a tenant for at least three years.
• You live in a self-contained property (no shared facilities like kitchens and bathrooms).

You might not be eligible if:

• You are bankrupt or are being made bankrupt.
• You live in a Designated Rural Area or National Park.
• You live in a home considered particularly suitable for the elderly.

Visit the government website and find out more about the right to acquire scheme.