HOMEBUYING OPTIONS
As a first time buyer, navigating your journey into homeownership can seem daunting. The good news is the path is well-travelled and you will find plenty of support along the way. Debbie Clark takes a closer look at some of the schemes currently available, to help you choose the right route to reach your desired destination PICK YOUR PATH TO HOMEOWNERSHIP
SHARED OWNERSHIP Backed by the Government, Shared Ownership is a scheme to help buyers purchase a share (between 10% and 75%) of a new build or resale property, while paying subsidised rent on the remaining portion.You take out a mortgage to buy your share and will also need to pay a deposit, usually between 5% and 10% of the share you’re buying. All Shared Ownership homes (houses and flats) are leasehold properties, and you will usually also pay monthly ground rent and service charges. In time, you can buy more shares in your home, known as "staircasing". The amount of rent you pay is based on the landlord’s share, so as you buy more shares, you’ll pay less rent. First time buyers can buy a home through Shared Ownership if both of the following are true: • Your household income is £80,000 a year or less (£90,000 in London) • You cannot afford all of the deposit and mortgage payments for a home that meets your needs. Also, one of the following must also be true: • You’re a first time buyer • You used to own a home but cannot afford to buy one now • You’re forming a new household – for example, after a relationship breakdown • You’re an existing shared owner, and you want to move • You own a home and want to move but cannot afford a new home that meets your needs. For some homes you may also need to live in, work in, or have a connection to the area you want to buy the home. LONDON LIVING RENT London Living Rent is a Government- backed scheme, offered by the Mayor of
to save a deposit and providing them with the option to buy their home on a Shared Ownership basis during their tenancy. London Living Rent tenants are also given extra priority for other Shared Ownership homes in London.
London, providing intermediate affordable housing in the capital. Designed for middle-income households who want to build up savings to eventually buy a home through Shared Ownership, London Living Rent is only available to those who live in London, do not already own another home, and have a maximum household income of £75,000. The scheme provides high-quality properties on stable tenancies of a minimum of three years (these can be extended to a maximum of 10 years), with below-market value rents, based on a third of local household incomes. Landlords are expected to encourage their tenants into homeownership by supporting them
RENT TO BUY
Another Government housing scheme, Rent to Buy is designed to help buyers save for a deposit while renting at reduced cost on an Intermediate Rent basis, typically lasting up to five years. Available across England (excluding London), Rent to Buy provides middle-income earners with the opportunity to live in a high-quality
22 First Time Buyer April/May 2026
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