Low-cost home ownership

Many people can't afford to buy a home on the open market. It can be an expensive commitment.

But there are some interesting new ways to help bring home-owning within reach. Most schemes are for households earning less than £60,000 a year who would otherwise be unable to buy.

New Build HomeBuy (shared ownership)

Shared Ownership is a scheme designed to help people get onto the property ladder. With Shared Ownership, you buy a share of a newly built home – typically between 25% and 75% – using a mortgage and/or savings.

You then pay a subsidised rent to a not-for-profit housing association on the remaining share of the property. Over time, you may have the option to buy additional shares in the property – a process known as “staircasing” – which can eventually lead to full home ownership.

Shared Ownership can be a more affordable way to own your home, especially if you are struggling to buy on the open market. It’s ideal for first-time buyers, people who have previously owned a home but can’t afford to buy  again, or those looking to downsize. For more information visit Find a Home - Plumlife.

Rent to Buy

Rent to Buy offers a more affordable route into home ownership. You can rent a newly built property for up to five years at a reduced rent.

At the end of the rental period, you’ll have the first option to purchase the property, helping you take the next step onto the property ladder.

This scheme is ideal if you are not yet able to buy but are planning to do so soon, such as first-time buyers. You can obtain further information by visiting Find a Home - Plumlife.

More information on low cost home ownership

You can go through Help to Buy North West, a not-for-profit organisation, to see if you’re eligible for these schemes and to see what else is available. Help to Buy North West can advise you about the other costs of buying a home - like legal fees, and taxes – and about the regular costs like paying the mortgage, repairs and service charges.

Go to the Help to Buy North West website