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