Help to Buy: Shared Ownership
Help to Buy: Shared Ownership also known as part-rent part buy is a scheme that offers you chance to buy a share of your home (between 10% and 75% of the home’s value). The buyer then rents the other % of the home from a Registered Provider or Housing Association. The buyer still pays a deposit of a minimum of 5%, however, this only covers the % you will own.
For example, to buy a £200,000 house through the open market route the buyer would pay a minimum 5% deposit of £10,000. If you only wanted to buy a 10% share of the same property under the Help to Buy Shared ownership scheme, your minimum deposit would only be £1,000. This is a 5% deposit on the 10% share.
You could buy a home through 'Help to Buy: Shared Ownership' in England if your household earns £80,000 a year or less (or £90,000 a year or less in London) and you are a first-time buyer, you used to own a home but cannot afford to buy one now or are an existing shared owner looking to move.
These Help to Buy Shared Ownership schemes are currently available in Wirral.
- Gospell Hall, Heswall
- The Views, Breck Road, Wallasey - Redwing (available 2024)
Rent to Buy
'Rent to Buy' is a government scheme to help with the transition from renting to owning by providing a subsidised rent.
You rent a new build home at approximately 20% below the market rate with an option agreement to buy a share of the home within 5 to 7 years depending on the scheme.
The intention is that while paying 20% less in rent, you may be able to build up a deposit. You are under no obligation to buy the property when the rental term is up.
You may be required to pay a minimum percentage share of the value of the property when the rental term is complete.
There are currently no Rent to Buy schemes available in Wirral (updated 16 May 2023)