Affordable home ownership
If you want to buy a home but cannot afford the full costs of ownership there are a number of schemes that can help. These are often referred to as low cost home ownership schemes, and new schemes are introduced every few years. Each type of scheme will have slightly different eligibility requirements, usually relating to employment, income and where you live, and some schemes are only available to first time buyers.
The schemes currently available in Waltham Forest include:
Right to Buy
If you are a council housing tenant you may have the right to buy your home. Find out more on right to buy.
This is often also called part buy part rent – you buy a 25% to 75% share of a home from a housing association and pay rent on the remainder. This works out cheaper than full ownership, and you can buy more shares, up to 100%, when you can afford to.
All the homes available under this scheme in London are made available through First Steps. Please follow this link to the First Steps website to check whether you are eligible, register, and see what is available in Waltham Forest and across London https://www.sharetobuy.com/firststeps.
There are a number of new low cost home ownership homes being built in the borough, including:
- The Ridgeway E4 - ISHA. Some homes still available
- The Scene, High Street E17 - ISHA. Some homes still available
- East Valley E17 - CBHA/Peabody. 1, 2 and 3 bedroom homes now available
Mayfield E4 - East Thames. 6 homes available now
- Essex Wharf, Lea Bridge Road E5 – A2 Dominion. 9 homes available spring/summer 2015
- Various sites E17 - Network Living. 17 homes available spring/summer 2015
- Shernhall Street E17 - Metropolitan. 21 homes available summer 2015
- Billet Road E17 – Circle. 67 homes available summer 2015
- Fulbourne Road E17 - Sanctuary Housing. 36 homes spring/summer 2015
Other home ownership schemes
These schemes may not yet be available in Waltham Forest but are options that you could consider.
Rent to Save
This scheme offers the opportunity to rent a property at less than open market rent with an agreed saving plan to help you build up a deposit. Follow this link to the First Steps website for more information on the Rent to Save scheme https://www.sharetobuy.com/firststeps.
Help to Buy
This is a Government scheme to help you buy a home if you cannot raise more than a 5% deposit. Follow this link for more information www.gov.uk/affordable-home-ownership-schemes/overview.
Please note that as these are all ownership schemes your home will be at risk if you do not keep up payments secured on the property.
We recommend you obtain independent professional advice before committing to any home ownership scheme.
You will only be eligible for one scheme – for example you cannot use the Help to Buy scheme to buy a shared ownership home.