Low Cost Home Ownership
Owning your own home may be easier than you think! If you can't afford to buy your own home, there are a number of Low Cost Home Ownership schemes that might be able to help. This page provides some general information about the schemes that are currently available and links for further information.
The six schemes currently available for people who are considering Low Cost Home Ownership are:
The Shared Ownership scheme allows you to buy a share of a property and pay rent on the remaining share. As your circumstances change you can buy more shares in the property until you own the property outright.
The FirstBuy scheme offers new homes on select developments throughout the East Midlands. The scheme allows you to buy a minimum 80% share, with the rest being provided as an equity loan, jointly funded by the Government and the developer.
Rent to Buy
The Rent to Buy scheme offers new build homes to rent for a pre-defined period of time (maximum of five years) with the expectation that you will buy a share of the property at the end of the rental period.
Discount for Sale
The Discount for Sale scheme offers specific properties on new developments for sale at a discount of the full market value. You own 100% of the property and have the full rights of any homeowner but when you sell the property you must sell it with the same discount as when you bought it.
Developers Shared Equity schemes
Developers' Shared Equity Schemes are equity loan schemes, where you buy a minimum of 80% of the property and the remaining share is provided as an equity loan. These schemes are available on selected housing developments. You own 100% of the property but only take a mortgage for a set percentage with the developer owning the remaining share. This is paid back as an equity loan over a set period of time or when you decide to move.
The NewBuy scheme helps buyers buy a new-build home with a 5% deposit to get a mortgage of up to 95% of the value of a new build property. This scheme is available on selected housing developments. You must have 5% of the purchase price saved as a deposit and you will need to take out a mortgage for the remaining 95% of the purchase price. There is no cap on income for this scheme.
For more information
If you are interested in any of the above schemes you will need to apply through EMHomeBuy, which is part of East Midlands Housing Group. EMHomebuy helps people access Low Cost Home Ownership in the East Midlands by providing advice and information on properties available, discussing eligibility for the schemes, issuing the relevant forms and processing applications. For more information about the above schemes and to find out what properties are available in the Mansfield District, visit www.emhomebuy.org.uk
Home Ownership aspirations survey
Your views are needed to help Mansfield District Council plan for the future and to help us support the development of Low Cost Home Ownership schemes. We have put together a questionnaire to find out what the demand for low cost housing is and what type of scheme would most benefit our residents. You can access the questionnaire by clicking it on the right side of this page.