Shared Ownership and other Low Cost Home Ownership Options
The Royal Borough of Windsor & Maidenhead works in partnership with Housing
Associations to provide a shared ownership scheme, which is a means of
providing homes for people who would rather buy than rent, but are unable to
afford the cost of a full mortgage.
In order to qualify for the scheme applicants need to be either resident, or
employed permanently in a full-time position, in the Royal Borough and have
done so for at least six months.
You must be a first-time buyer and have a minimum salary of £14,000 for a
single income, or £35,000 for a joint income per annum to be considered,
although a larger income may be necessary to qualify for the appropriate
mortgage. In order to be considered for this scheme you must
complete a Statutory Register form and tick the shared ownership box
so your details can be added to the list.
If you are a Housing Association Tenant in this Borough and wish to be
considered for shared ownership you will need to contact our Shared
Ownership Co-ordinator on 01628 683628 and ask for your name to be added to the
list, you do not need to complete a Statutory Register form. Housing
Associations have different rules as to what share you can purchase but it is
usually 50% and you would then pay rent on the other half. If you are
successful in purchasing a shared ownership property and wish to purchase
further percentages of the property, you can do this by what is know as
'staircasing', but his will be outlined in your handbook from the
Housing Association in question.
The Council work with Catalyst Housing Group, the government appointed Homebuy
Agent covering the Royal Borough of Windsor & Maidenhead area, to promote
the Homebuy/Shared Ownership initiative and all the available options.
Details about the available options and schemes are available on the Homebuy
website
http://www.catalysthomebuy.org.uk/ .
You should register with Catalyst Housing Group by telephone, 0845 601
7729 or complete an online application form on the Homebuy website.
MyChoice Homebuy is a government funded low cost home ownership programme.
Its aim is to help first time buyers who cannot afford to buy a suitable home
in the area where they presently live or work. MyChoice Homebuy is a flexible
equity loan scheme designed to help households earning between £20,000 -
£60,000 p.a. to buy their own home on the open market. In contrast to
part-buy/part-rent initiatives the homebuyer will own the property after
purchase. The loan provided will only be secured as a second charge against the
property. More information regarding the MyChoice Homebuy scheme is available
on the Homebuy website http://www.catalysthomebuy.org.uk
NB. Please note that Catalyst Housing Group, the government
appointed Homebuy Agent for Berkshire, has advised us that MyChoice Homebuy
Funding for this year (2008/2009) has now run out. However, new funding is
expected for the new financial year (April 2009) so you are still invited to
register. It is anticipated that applications for this particular scheme will
be assessed from February 2009. The other schemes listed here are not
affected.
If you are interested in shared ownership housing and would like further
information please contact our Shared Ownership Co-ordinator on 01628 683628 or
e-mail your enquiry to
housing@rbwm.gov.uk