Help to Buy Schemes
Help to Buy is a government scheme that was first announced in the March 2013 Budget. It is designed to help anyone struggling to save a deposit for their first home or move up the property ladder as they have limited equity. There are currently three types of schemes available under Help to Buy (please refer to the Help to Buy website for further details). Shared ownership is currently the affordable sale product currently available in Craven.
Shared ownership is designed for people who cannot afford to buy a house on the open market but still want to get on the property ladder.
An initial share is bought (usually 25% to 75%) and then rent is paid on the remaining part. There are two monthly payments, one for the mortgage and one for the rent.
However, these are still less than the mortgage would be on an open market property. The other share in your home is owned by a Registered Provider. It may be possible for you to increase or decrease the share you own in the future, known as staircasing.
When you want to sell your shared ownership property, usually you will simply sell the share you own. Unless your home is within a restricted village or rural area, it could be possible to buy 100% of your home outright so it becomes a traditional open market property.
The way in which to apply for a shared ownership property will vary depending on the scheme. It is advisable to register with the regional Help to Buy agents where you will able to search for properties available.
When a new housing scheme is developed that includes shared-ownership homes, the properties will be advertised on our Affordable Homes Available Soon web page. The individual property details for the properties advertised will tell you what the qualifications are needed to apply (for example whether you need to currently live or work in a particular area).
Am I Eligible?
- Your annual household income can be no more than £80,000. (outside of London)
- You should be unable to purchase a home suitable for your needs without assistance.
- You cannot be a current home owner (or be named on the deeds of another property).
- You must not have any outstanding credit issues (i.e. unsatisfied defaults or county court judgments).
Priority will go to Serving military personnel and former members of the British Armed Forces discharged in the last two years.
How to Apply
You will need to fill out the Help to Buy online form and be accepted as qualifying for intermediate sale. Shared ownership properties are sold in a similar way to market homes, usually based on a first come first serve basis.
To register your interest and receive details of shared ownership properties that become available within the Craven District please send an email to firstname.lastname@example.org with your name and contact details (email and address). Please title the email INTERESTED IN SHARED OWNERSHIP
Privacy Notice – Shared ownership
The Council is a data controller in accordance with the Data Protection Act 2018. This notice provides details of the information that we collect from you, what we do with it, and who it might be shared with.
What information do we collect from you?
When you register your interest to received details of shared ownership properties that become available within the District of Craven, we will ask you for your name and email address.
Why do we collect this information?
Your name and email address are requested so as to register you with an interest in receiving information about shared ownership properties, and sending you information about such properties.
Who might we share this information with?
The Council will not share any of the information that it holds about you with any third party, unless you have given your written consent, or if otherwise this is permitted by law.
What do we do with your information?
The information that you have provided will be held by the Council and will only be accessed by authorised Council employees. We will only use the information that you have provided for the purpose of sending you information about shared ownership properties that have become available, and will not use it for any other Council purpose, unless we have your consent, or if this is provided by law.
How long do we keep hold of your information?
The Council will keep hold of your information in accordance with the following rules:
- Until you tell us that you want us to stop sending you information, or
- If the Council learn that you have obtained a property.
How can I access the information you hold about me?
you can makeing a Subject Access Request or writing to the Data Protection Officer, Craven District Council, First Floor, Belle Vue Square, Broughton Road, Skipton, BD23 1FJ. You also have the right to complain to the Information Commissioner’s Office as it can investigate compliance with data protection law: www.ico.org.uk