Tenants in social and affordable housing now have the chance to apply for the government’s Right to Shared Ownership scheme.
The Department for Levelling Up Housing and Communities has published new guidance about the scheme which lets tenants buy a share of their property worth between 10% and 75%, giving them more control and autonomy.
Tenants will be eligible if they have been in social housing for three years, their property was built under the Affordable Homes Programme 2021-26, and they have lived in it for a year.
Shared owners can gradually increase the equity stake in their home, with the option to eventually buy a 100% share, allowing them to reduce the financial impact by accessing a lower mortgage and deposit.
Landlord Eligible tenants can apply for the Right to Shared Ownership by completing the new application form and returning it to their landlord, who will carry out a series of eligibility checks.
Housing Minister Lucy Frazer (pictured) says: “All hard-working families and young people deserve the chance to live in a home of their own. We are helping tenants to do just that by supporting them with small, manageable steps onto the housing ladder, through the Right to Shared Ownership.”
She adds: “Buying a home is one of the biggest financial decisions people take and this is just one of the ways we are helping more first-time buyers reach their goal.”
The government’s wider Shared Ownership programme has seen thousands of people take their first step on to the housing ladder, with an estimated 136,600 new shared ownership homes built since 2010.
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