H o u s i n g
open market. The applicant purchases at least 50% of the property and pays a charge for the part not owned. The scheme is run by the Co-Ownership Team in Belfast for the whole of Northern Ireland.
Scotland
Low-Cost Initiative for First Time Buyers (LIFT) The Scottish Government is committed to helping people meet their aspirations to become home owners. Shared equity is one way to do this. The Scottish Government’s Shared equity schemes enable people to buy a home in partnership with a registered social landlord. An owner generally pays between 60% and 80% of the price of a home with the remainder held by a registered social landlord using a Government grant.
The New Supply Shared Equity scheme and the Open Market Shared Equity Pilot scheme aim to help people on low incomes who wish to own their own home but who cannot afford to pay the full price for a house. They are part of the range of assistance from the Scottish Government under LIFT.
The Scottish Government’s shared equity schemes mainly aim to help first-time buyers, such as people living in social housing, people in the Armed Forces or veterans, the schemes can however help others too. For example, they may be able to help people who are looking for a new home after a significant change in their household circumstances. They may also be able to help disabled people access more suitable housing.
For more detailed information visit:
www.mod.uk/jshao
Other useful websites are:
www.sfha.co.uk www.scottishhousingregulator.
gov.uk www.scotland.gov.uk (Select ‘Housing’, ‘buying’)
www.co-ownership.org (NI)
www.wales.gov.uk or contact the Welsh Federation of Housing Associations: 029 2030 3150
Armed Forces Home Ownership Scheme (Pilot) The MoD has also been working closely with the Department of Communities and Local Government (DCLG) and the Homes and Communities Agency (HCA) to develop a pilot scheme in England specifically designed to meet the unique needs of serving personnel. This scheme has now been launched, and the MoD will be providing funding for the next three years, expecting to help some 250 Service personnel to buy their first home.
The scheme is being run by Swaythling Housing Society, part of the Radian Group, who have many years experience in administering schemes such as this, and have worked closely with the Ministry Of Defence and the Joint Services Housing Advice Office.
Eligibility: Home Ownership Scheme (Pilot) Applicants for this scheme need between 4 and 6 years service and be unable to buy a suitable home. If approved, the applicants may be offered a loan of up to £75,000 to top up what they can afford on their own, allowing them to buy a home on the open market like any other buyer.
For example if an applicant can obtain a deposit and mortgage to cover £80,000 of a house’s value they could be eligible for further equity assistance of £75,000, allowing them to buy a home worth £155,000.
There is normally no fee to pay on the government’s funding whilst the applicant remains in the regular Armed Forces. The Government’s share of the house is repaid when it is sold.
A particular feature of this scheme is its flexibility, recognising that circumstances can and often do change. There is the possibility to sublet the home, pay off part or the whole government share or indeed, move house in the event of a posting elsewhere.
Funding is limited and applications will be processed in tranches on a first come, first served basis. Full details of the scheme including how to apply can be found at
www.afhos.co.uk or by calling Swaythling: 0800 028 1980.
The pilot scheme is intended to test a specific approach towards encouraging home ownership in the Armed Forces. The HCA and MoD will closely monitor and evaluate the scheme looking at take-up rates, whether the scheme meets the requirement and value for money. In addition the MoD will continue to look at a number of other approaches to meet accommodation needs and aspirations in the future. For full details go to:
www.homebuy.co.uk
www.raf-ff.org.uk
Autumn 2010
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