Following the recent budget announcement we have received a high volume of Right to Buy applications which we are currently processing. We will contact all applicants, in order of receipt, as quickly as possible.
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Social HomeBuy (shared ownership)
Contents
How it works
You can choose Social HomeBuy (shared ownership) as a Right to Buy option.
This allows eligible applicants to:
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buy a share of their rented home
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pay rent on the remaining share
It helps you get your first step on the property ladder.
You also get a Right to Buy discount on the property value.
You can buy a share of either 25%, 50% or 75% depending on:
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the current property market value of your home
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affordability
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your individual circumstances, such as income and savings
If you've applied for Right to Buy you can convert your application to Social HomeBuy as long as it's within 12 weeks of receiving your Right to Buy offer.
Why choose Social HomeBuy?
The benefits include:
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lower upfront cost as you're only buying a share of the property
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the opportunity to staircase (buying additional shares in your home, increasing how much you own)
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access to affordable housing, with lower monthly payments compared to traditional homeownership
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home security (as long as you keep up with payments)
If you would like to give up your council property and buy a property on the open market, you can explore the Home Purchase Grant.