Do you want to own a home of your own but think you cannot afford it? There are government-led Low Cost Home Ownership (LCHO) schemes (also known as Help to Buy) which could help you to get onto the property ladder. You can find further information on these schemes on the Own your home website.
General eligibility rules for Help to Buy schemes
For many people LCHO/Help to Buy schemes are the best chance of owning a home in the area where you aspire to live and work. To qualify for these schemes, you should:
- have a gross household income of up to £80,000 per annum. Any bonuses and other forms of income will be included
- have enough savings for at least a 5% deposit on the share you buy
- around £2,500 to cover the costs for legal fees.
The only priority group, as defined by Homes England is:
- MoD personnel, or former members of the British Armed Forces (who have been discharged in the last 2 years)
- bereaved partners of service personnel killed in action.
Within certain low cost home ownership schemes, the developer will have an agreement with the Council , often referred to as a Section 106 agreement, which will stipulate certain agreed rules around who the council has asked to be prioritised when a property is being allocated to a household. These include but are not limited to:
- MOD personnel
- a council or registered provider tenant living in Slough
- applicants living and working in Slough
- applicants working in Slough (must be in full-time employment in Slough, for at least 12 months).
Fees and costs
All the usual costs involved with buying a property will apply, such as legal fees. valuation fees, mortgage arrangement charges and stamp duty.
Your expenses each month will include your monthly mortgage repayments, buildings and contents insurance, the rent on the share of the property owned by the housing association, utilities such as gas, electric, water and other costs such as council tax, telephone and television fees.
In some instances, you will also have to pay interest on an equity loan.
Please remember your home will be at risk if you fail to keep up your mortgage and rent repayments.