Craven District Council

Craven District Council

Affordable Housing to Buy

Help to Buy and other ownership options

There are a range of  schemes designed to help people into home ownership or help those with limited equity move up the property ladder. There are currently three types of schemes available under Help to Buy:

Shared ownership

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.

Am I Eligible?

  • Your annual household income can be no more than £80,000. (this sum is reduced to £70,000 within Craven)
  • 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

Register with the regional Help to Buy agents who will decide if you qualify and where you will able to search for properties available. Shared ownership properties are sold in a similar way to market homes, usually based on a first come first serve basis. 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).

Craven District Council develops its own shared-ownership homes, which are advertised our Affordable Homes Available Soon web page. To register your interest and receive details of shared ownership properties that become available within the Craven District please send an email to egrogan@cravendc.gov.uk with your name and contact details (email and address). Please title the email INTERESTED IN SHARED OWNERSHIP 

Rent to Buy

Rent to Buy properties are new build homes for rent. The rents are approximately 20% cheaper than similar properties on the open market and it is expected that you will use the discount to help you save for a deposit to purchase a home in the future.

Am I Eligible?

  • Your annual household income can be no more than £80,000. (this sum is reduced to £70,000 within Craven)
  • 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).

You will need to contact the individual Registered Provider to find out what their application process is for these types of properties.

Equity Loan

The Help to Buy Equity Loan is a scheme designed to help people buy a new build home up to the value of £600,000. An equity loan between 10-20% is available to make the purchase more affordable, and applicants will only need a 5% deposit. The scheme is for any buyer who is looking to purchase a new build home.

Am I Eligible?

You must be able to: 

  • Fund up to 75% of your chosen property through a conventional mortgage- you must take out a minimum of 25% as a mortgage 
  • You must not be borrowing more than 4.5x your gross household income (minus any debts) 
  • Your monthly repayments (mortgage, equity loan interest and any services charges) must not be more than 45% of your monthly net household income (minus any debts) 
  • Have no other residence or properties in your name or have any properties in your name before the completion date 
  • Not rent out your existing home and buy a second home through Help to Buy 
  • Have access to a minimum 5% deposit

Please visit the local Help to Buy agent for details of how to apply 

Other Ownership Options

If you do not qualify for any of these schemes, there is further advice available from the Help to Buy agent on Right to Buy, Discount for Sale, Forces Help to Buy and much more.