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Shared Ownership And Below Market Rent

Shared Ownership Scheme

Would you like to own your own home but have struggled to get on the housing ladder? If so, shared ownership may be for you!

Shared ownership is aimed at Islington residents who cannot afford to buy a home on the open market in Islington and want to make their first move into home ownership. One-bedroom homes and studio properties are offered under the scheme.

Priority will be given to existing Islington social housing tenants and their children, people who are currently on the council’s housing waiting list and key workers.

Under shared ownership, you buy a share of a property and pay rent on the part you do not own. You can increase the share that you own over time and you are also free to sell your share in the property at any time.

If you are interested in shared ownership and would like more details about the scheme or an application form, contact the Home Ownership Team on 020 7527 7809 or email housingdirectsharedownership@islington.gov.uk.

More detailed information about the shared ownership scheme.

Housing Associations

A housing association or registered social landlord is a non – profit organisation responsible for providing social housing. The name ‘housing association’ and ‘registered social landlord’ has been replaced with the name registered provider. Registered providers are regulated by the Tenant Services Authority.

Registered Providers

Registered Providers are the main providers in developing social rented, shared ownership and intermediate rented properties. If you would like to live in a registered providers’ social rented property you will need to apply to go on the council’s housing register. For more information please scroll down to the bottom of the page and click on housing register. There are approximately forty registered providers in the borough responsible for managing 15,000 homes.

Accessing low cost affordable homes

As well social rented housing, there are a number of other affordable housing options available to people in Islington.

Intermediate Rent

Intermediate rent is renting a property that is more expensive than social renting, but 20% cheaper than market rent. All intermediate rent properties are either new developments or refurbished homes that are managed by affordable housing providers.

Key points about this scheme:

  • Only households with a maximum income of £60,000 a year can apply
  • Applicants must be able to pay 80% of the market rent from their salary. Housing Benefit will not pay any money towards the rent.
  • Applicants are required within five years to buy the property through shared ownership.

HomeBuy Schemes

New Build HomeBuy

New Build HomeBuy, formerly known as Shared Ownership, was introduced to help people who cannot afford to buy a home outright. Through this scheme you buy a share of a property and pay rent on the remaining share you do not own. The size of the share you purchase will depend on your income and savings. Normally applicants buy a 50% share but you may purchase as little as 25% or as much as 75%. Gradually, you can buy further shares and eventually own your home outright, which is called “staircasing”.
Anyone who cannot afford to buy a suitable home on the open market can apply.

Priority for this scheme will normally be given to:
existing public sector tenants, or

  • those on local authority or registered providers waiting lists that have been nominated by their local council as being in housing need
  • Key workers
  • First time buyers

You will need to earn around between £18,000 and £60,000 in London to qualify, although it can be less if you have a large amount of savings. You will also need at least £2,000 of savings to cover the initial costs involved with buying a home.

First Time Buyers Initiative (FTBI)

This scheme enables first time buyers, who cannot afford to buy a home on the open market, to purchase a new property with an affordable mortgage and government assistance (minimum £25,001) on a designated first time buyer development. When owners sell their first time buyer home, they will repay the Government's contribution through a share of the sale proceeds. If the Government initially assisted the purchase with a 25% contribution, the repayment will be 25% of the total value when sold.

Around 50% of the homes available through this initiative will be for key workers such as nurses, teachers and police officers. The remaining properties will be allocated to those groups considered to be priority by the Regional Housing Board.

Key points about this scheme:

  • Only households with a maximum income of £60,000 or less can apply.
  • Applicants must have savings so that they can pay stamp duty, legal fees, and a 5% deposit.

Further information on these affordable housing schemes and whether you will eligible to apply for them is available from Housing Options:

 
T: 0208 920 7777 F: 0208 920 7776

E: housingoptions@mht.co.uk 

Properties

You can see a list of the properties that are currently available on the properties page.