Key workers

Are you a key worker? If so you may be eligible for help to buy your first home, or move into a family home. There may also be opportunities available to rent homes at affordable prices. See scheme details below.


New Build HomeBuy

Buy a share varying between 25 per cent and 75 per cent of a new (or refurbished) property built by a housing association and pay a reduced rent on the remaining share. As your income rises you can increase the share you own, until you eventually own 100 percent and no longer pay any rent to the housing association. Certain new housing developments are ring fenced for key workers for a specific period of time.

MyChoice HomeBuy

You can acquire an equity loan from Metropolitan Home Ownership for between 15 and 50 per cent of the value of a home on the open market, with an interest charge to pay based upon the size of the equity loan. As your income rises you can pay back the equity loan, until you eventually own 100 per cent of your home and therefore no longer have to pay any interest charges on the equity loan.

OwnHome

You can acquire an equity loan from Places for People for between 20 and 40 per cent of the value of a home on the open market, with an interest charge to pay after five years based upon the size of the equity loan. As your income rises you can pay back the equity loan, until you eventually own 100 per cent of your home and therefore no longer have to pay any interest charges on the equity loan.

Intermediate Rent

 
Often referred to as 'IR' homes, with intermediate rent you can rent a brand new or refurbished home at less than the market rate. The rent charged is normally 20 to 30 per cent lower than what you would expect to pay for a similar home in a similar area. This option is usually only available to Key Workers, although you should contact housing options for terms on individual developments available across London. Applicants who are not ready to commit to buying a home or who have difficulty securing a mortgage may consider this option as an alternative to home ownership where eligible. IR homes can be made available to people earning as little as £12,000 a year.

London Wide Initiative

A scheme for key workers only across 15 sites in London.  This is a shared equity scheme where the government retains a percentage stake in the home.  You will not make any monthly repayments on the government's share unless you sell the home or leave your key worker profession.

First Time Buyers

 
This scheme enable first time buyers to buy a share in a home on a designated FTBI development with government financial assistance (minimum £25,001).  You don't have to pay anything on the amount the government has contributed for the first three years.

For detailed information on these schemes please see the  Low Cost Home Ownership page.

To register and assess your eligibility you need to contact Housing Options, at

www.housingoptions.co.uk  or on 0845 230 8099

All schemes are subject to the availability of funding and various eligibility criteria.  Housing Options can register your interest, assess your eligibility and provide details of schemes in your area. They will be able to tell you who in your area is offering affordable housing opportunities, how to apply, and current information about what might be available.