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Low Cost Home Ownership Schemes

If you want to buy a home of your home but think you can't afford it then a low cost home ownership scheme could be the answer. See below for information on:Want to buy a home of your own but think you can't afford it?

HomeBuy
Armed Forces home ownership scheme

HomeBuy

This a government funded scheme that helps eligible people to buy a home of their own. Under the HomeBuy scheme there is one option currently available in West Oxfordshire which is New Build - Shared Ownership.

New Build Shared Ownership

This is also known as 'Part-buy / Part-rent'). Under this initiative, eligible individuals are able to become home owners by buying a share of a newly built property and pay a subsidised rent on the portion they don't own. Individuals then have the opportunity to increase their share of the property as their financial situation allows. However, this is not compulsory.

Eligibility for the HomeBuy scheme

To be eligible you must be registered on the Council's Waiting List or if you are a Housing Association tenant in the District, on the Transfer List. You should clearly indicate on the form that you are interested in Low Cost Home Ownership Schemes. You should also register with Catalyst housing who are the HomeBuy agent for this area.

You must also meet the following criteria;

Registered on the Waiting List or if you are a Housing Association tenant in the District, registered on the transfer list;
In housing need;
You have an annual household income below £60,000;
You would not otherwise be able to afford to buy your own home;
You have saving of or have access to £3,500 to £4,000 to cover the cost of buying a home;
You do not own another property or have your name on the deeds of another property at the time of purchase;
You have a good credit history;
Other criteria may apply.

Further information can be found in the Low Cost Home Ownership booklet.

Currently available

New Build Shared Ownership schemes and Resales

Armed Forces Home Ownership scheme.

A new pilot scheme has been introduced by the Government to help members of the Armed Forces buy their own home by assisting with up to 50 per cent of a property's value.

The scheme allows personnel to purchase properties anywhere in England through a single service provider. In addition, applicants can sub-let their properties and will not normally pay any fees on the equity while they remain serving members of the Armed Forces.

Regular members of the Armed Forces who have served between four to six years and could not otherwise afford to get their foot on the property ladder will be eligible to apply.

Swathling Housing Society has been appointed the scheme Agent for the Armed Forces Home Ownership Scheme (Pilot) (AFHOS). For more details please visit: