Low Cost Home Ownership
If you want to buy a home of your own but can’t quite afford to, low cost home ownership may be what you are looking for. Low cost home ownership is a general term for a number of schemes aimed at helping people on low and moderate incomes afford to buy a home of their own.
There are a variety of low cost home ownership schemes available in the borough. The most popular scheme available is new build HomeBuy, also known as ‘Shared Ownership’ or ‘part buy, part rent.’ This is where you buy a share of a new build property and pay a small proportion of rent on the remaining share you do not own. Gradually you can buy further shares and eventually own your home outright.
There are other schemes available, which enable you to purchase a property on the open market and get an equity loan for the share you cannot afford, at a very low interest. To be eligible for the low cost home ownership opportunities available in Hounslow, you must be living or working in the Borough, on a moderate income and unable to afford to buy a home of your own.
For more information and details of how to apply, visit www.hounslow.gov.uk/keyworker and www.housingoptions.co.uk