Affordable Housing Schemes

Affordable housing is a key element of the government’s plan to end the housing crisis, tackle homelessness and provide aspiring homeowners with a step onto the housing ladder. There are many schemes available and our advisors have the experience to guide you through the options.

What are the Affordable Housing Schemes for purchasing a home?

Discounted Market Sale

Under this scheme, properties are sold at a discounted price, typically 20% below market value, to individuals who meet specific criteria, such as being a key worker or living in a specific area.

Right to Buy

This scheme allows you to purchase your rented home at a discounted price. It offers eligible tenants the chance to become homeowners and secure the property they have been living in.

Forces Help to Buy

This scheme specifically caters to armed forces personnel, providing an equity loan of up to 50% of their salary (maximum £25,000) to assist with buying their first home or moving to a new one.

Rent to Buy

Rent to Buy schemes allow you to rent a property at a reduced rate for a fixed period, usually between 2-5 years. During this time, you can save for a deposit. As soon as you have saved enough you can consider a mortgage and transition into homeownership.

Own New

The Own New scheme is a partnership between new build developers, mortgage lenders and mortgage brokers, aimed at making home ownership more attainable. It helps you own 100% of your property with innovative mortgage solutions, for example, cashback and lower monthly payments.

The Walden Family

Their service is friendly, to the point of feeling like one of the family. They are always there for you on the phone if you have questions and I wouldn't consider using anyone else to put our needs first. When friends tell me that they are needing to change their mortgage or insurance policies, I say, “Go to ChoiceMortgages UK Ltd.” I can't recommend them highly enough. A top class service that's with you every step of the way.

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What was the Help to Buy scheme?

The Help to Buy scheme, which played a significant role in helping individuals and families step onto the property ladder, has now concluded. The government-backed initiative supported first-time buyers and existing homeowners in purchasing a new-build property with a small deposit. It provided an equity loan from the government, allowing buyers to contribute a minimum deposit of 5% of the property value. However, the scheme no longer accepts new applications.

While the Help to Buy scheme has ended, alternative options are still available to purchase a home.

Help to Buy equity loan settlement process

Redeeming the help to buy equity loan is either on sale of your property, using your own money, or you can consider the refinance of your home with a new mortgage. Remember the amount will always be reliant on the current property value, and this will be verified by a RICS approved surveyor in due course.

You can repay all or part of your equity loan. Any part payment must be at least 10% of the market value and you cannot leave less than 5% of the market value amount to repay.

We have helped hundreds of clients over the years and have a significant amount of experience in this area. If you are considering the redemption of your equity loan and need to borrow more money in order to achieve this, please contact our team of specialists.

We will guide you through the entire process, with a step-by-step guide, outlining all lending options, any fees that will be incurred and what action is required.

It is important you keep paying your management fee, and monthly interest if this is due, until you repay your equity loan in full.

Before you make any changes to your equity loan or mortgage, you need to understand how those changes may affect you and in conjunction with ourselves, we recommend you seek independent legal advice.

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