Homes for sale
Owning your own home can be an uphill struggle for many, with house prices and the deposits needed continuing to rise. However, there is a light at the end of the tunnel and that light is low-cost home ownership, or shared equity, which offers first time buyers the opportunity to purchase a property at a lower than market value.
Low-cost home ownership means as buyers, you purchase a 70% equity interest in a property and we retain the remaining 30% equity interest. That means you may only require a 5% to 15% deposit for the 70% equity interest, which could also reduce the amount of mortgage required to purchase the property.
There will be no repayments to be made to us by you until you sell the property, however, there is the option to repay our 30% interest at any point, either in full or in agreed stages (depending on the terms of the documentation you signed with us on completion of your purchase).
How to apply in 7 steps
Step 1 - Application
Contact your council and complete their low-cost home ownership registration form. Once completed, you will be contacted for further details.
Step 2 - Application accepted
Once the council have completed their checks, we will receive your application and carry out further checks to see if the property is affordable for you. We will contact you to confirm if you have been successful.
Step 3 - Mortgage advisor
Once you've received confirmation from us, we advise that you get a mortgage advisor. An advisor will help support you through the mortgage application process.
Step 4 - Solicitor
You will need to appoint a solicitor and let us know their name and contact details. Our legal officer will speak with them to answer any queries and agree on the finer details.
Step 5 - Valuation and building insurance
Your mortgage provider will value the property, and the final mortgage offer will be based on this valuation. Before you exchange, you'll need to have building insurance agreed ready for the exchange. Your solicitor will be able to advise you further.
Step 6 - Exchange and completion
Once the checks are finished and the mortgage offer received, your solicitor and our legal officer will agree on exchange and completion dates. On the day of completion, you'll be able to collect the keys to your new home.
Step 7 - Welcome to your new home
The final step to move in and begin creating wonderful memories in your first home.
For more information about our low-cost home ownership scheme, including eligibility, application, cost, after-care and how to sell your property; download our low-cost home ownership guide here.