Wealden District Council

Affordable Home Ownership

There are a range of schemes available to help people buy a home, or move up the property ladder.

Help to Buy: Equity loan

The Government lends you up to 20% of the cost of a new-build home. You need a 5% cash deposit and a 75% mortgage to make up the rest. You won't be charged loan fees on the 20% loan for the first five years of owning your home. The equity loan scheme is available for homes up to a maximum purchase price of £600,000.

Help to Buy: Mortgage Guarantee

This works in exactly the same way as any other mortgage except that the Government offers lenders the option to purchase a guarantee on mortgage loans. Because of this support, the lenders taking part are able to offer home buyers more high-loan-to-value mortgages (80-95%).

You will still be fully responsible for your mortgage repayments. So if you have a 5% deposit, you will need to take out and pay back a 95% mortgage.

Shared Ownership

Shared ownership schemes (part buy/part rent) are provided through housing associations. You buy a share of your home (between 25% and 75% of the home's value) and pay rent on the remaining share. You can buy bigger shares at a later stage when you can afford to. Some shared ownership properties cannot be purchased up to 100%, in rural areas for example.

You can buy a newly built home or an existing one through resale programmes from housing associations. You'll need to take out a mortgage to pay for your share of the home's purchase price, or fund this through your savings.

To find out more about what options are currently available visit the Help to Buy website (external link) 

Contact the Housing Options Team