Right to buy

The UK Government currently offers a variety of schemes to different groups of people to encourage home ownership.

HomeBuy which is the Governments latest initiative consist of three elements, New Build HomeBuy, Open Market HomeBuy and Social HomeBuy. All of the aforementioned schemes involve part ownership with the applicable housing association.

In addition to this there is the established Right to Acquire scheme for housing association tenants and Right to Buy or Preserved Right to Buy scheme for those tenants who now occupy former council houses that are now run by housing associations. Terms and conditions apply and will differ according to where you live in the United Kingdom.

Another scheme available to those who wish to get on the housing ladder is the shared ownership scheme. The scheme is operated by housing associations and works by allowing those to participate by buying a share of the property and paying rent for the remainder. There is an option available to buy the remaining share from the housing association, again terms and conditions apply.

There are of course lenders who specialise in offering secured loans  to those who are eligible.

For more information consider visiting the Housing Corporation http://www.housingcorp.gov.uk which is the government agency that regulates housing associations in England and funds new affordable housing.