It is increasingly hard for first time buyers to get on to the housing ladder in the current economical climate.
However there is still an option for first time buyers who can not afford to buy a home on the open market.
Priority is given to current housing association or council tenant.
People in rented accommodation or on housing waiting lists.
Key workers and other first time buyers which have a joint income below £60,000.
I will be talking about affordable housing in Cornwall however there are schemes in all counties over the UK.
Please contact your local housing authority.
Home 2 Own is the scheme in Cornwall, to apply you have to have lived in the region for a number of years.
You can fill out an application on there website and then contact a broker who will guide you through the process.
There are four main schemes - New Build Home buy - Allows people to buy a percentage of a new build property whilst they pay rent for the percentage that they do not own.
The rent is discounted and it is possible to buy further share in the property throughout time.
Open Market Home buy - There are two schemes within this option the basics are that it is possible to get an equity loan up to 40% or 50% of the property, how this loan is repaid depends on the scheme but the key features are that it is affordable.
A mortgage is then taken out for the remainder of the loan.
Social Home buy - For people who are already tenants of the Housing Association, they have a chance to buy a share of their home.
First Time Buyers Initiative - Allows first time buyers to purchase new build homes through sharing the equity with the government.
These schemes are trying to make it easier for first time buyers to get onto the housing ladder.
It is essential that it is affordable for you to be accepted on to the scheme.
The first step is to contact Home 2 Own and then to get in touch with a no fee, whole of market broker.
However there is still an option for first time buyers who can not afford to buy a home on the open market.
Priority is given to current housing association or council tenant.
People in rented accommodation or on housing waiting lists.
Key workers and other first time buyers which have a joint income below £60,000.
I will be talking about affordable housing in Cornwall however there are schemes in all counties over the UK.
Please contact your local housing authority.
Home 2 Own is the scheme in Cornwall, to apply you have to have lived in the region for a number of years.
You can fill out an application on there website and then contact a broker who will guide you through the process.
There are four main schemes - New Build Home buy - Allows people to buy a percentage of a new build property whilst they pay rent for the percentage that they do not own.
The rent is discounted and it is possible to buy further share in the property throughout time.
Open Market Home buy - There are two schemes within this option the basics are that it is possible to get an equity loan up to 40% or 50% of the property, how this loan is repaid depends on the scheme but the key features are that it is affordable.
A mortgage is then taken out for the remainder of the loan.
Social Home buy - For people who are already tenants of the Housing Association, they have a chance to buy a share of their home.
First Time Buyers Initiative - Allows first time buyers to purchase new build homes through sharing the equity with the government.
These schemes are trying to make it easier for first time buyers to get onto the housing ladder.
It is essential that it is affordable for you to be accepted on to the scheme.
The first step is to contact Home 2 Own and then to get in touch with a no fee, whole of market broker.