Low Cost Home Ownership


There are a number of schemes to help people onto the ‘property ladder’ who cannot afford to purchase a property on the ‘open market’.

These include:-

  • Help to Buy

  • Shared Ownership

  • Right to Buy/Right to Acquire

Help to Buy

Help to Buy is a Government backed scheme to help people onto the ‘property ladder’ who only have a small deposit buy would like to purchase a property.

There are different Help to Buy options available including:-

  • Help to Buy Equity Loan – the Government will lend you up to 20% of the cost of the new-build property meaning you’ll only need a 5% deposit and 75% mortgage.

  • Help to Buy Mortgage Guarantee – you can purchase a property with only a 5% deposit and the guarantee is to the lender, and not the buyer. You are still responsible for paying the full cost of the mortgage.

  • Help to Buy ISA – If you are saving for your first property the Government will ‘top-up’ your savings by 25% up to a maximum of £3,000.

Shared Ownership

Shared Ownership allows you to buy a share of a property, initially between 25% and 75% of the full purchase price and pay a subsidised rent to a registered provider (usually a housing association) on the remaining share. You will need to apply for a mortgage on your share of the property.

In the future you can buy further shares in your home. This is called ‘stair-casing’.

From 1 April 2014 Bedfordshire Pilgrims Housing Association are the shared ownership agents for Hertfordshire. For further information or to apply for shared ownership properties please visit the BPHA website.

Right to Buy/Right to Acquire

The Right to Buy is a Government scheme which allows Council tenants to purchase their property at a discounted price. Not everybody qualifies for the Right to Buy scheme.

If you were a Council tenant before your property was ‘transferred’ to another landlord while you were living in the property, such as a housing association, you may still have the Right to Buy. This is called the Preserved Right to Buy.

The Right to Acquire is a similar scheme offered for housing association tenants who do not qualify for the Right to Buy. Like the Right to Buy, not everybody qualifies for the Right to Acquire and you must have had a public sector landlord for at least three years.

If you would like to make enquiries about purchasing your property through the Right to Buy or Right to Acquire schemes you will need to contact your social landlord.

Housing AllocationsShared Ownership