Tenants living in social and affordable housing may be able to own a share in their homes through the Right to Shared Ownership scheme.
Applications for the scheme opened today and it is the first time that social tenants will be able to buy shares in their homes of between 10 and 75 per cent.
This applies to tenants who have lived in social housing for at least three years, in homes built through the government’s Affordable Homes Programme 2021-26. They must have lived in the property they want a share in for at least a year.
Tenants can gradually increase their stake and eventually work their way up to becoming a full owner of the property. They must apply by completing an application form and sending it to their landlord, who will do an eligibility check.
The ability to buy shares will open to more social housing tenants later.
Lucy Frazer, minister for housing, said: “All hardworking families and young people deserve the chance to live in a home of their own.
“We are helping tenants to do just that by supporting them with small, manageable steps onto the housing ladder, through the Right to Shared Ownership.”
She added: “Buying a home is one of the biggest financial decisions people take and this is just one of the ways we are helping more first-time buyers reach their goal.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
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