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The prospective homeowner finds a suitable property. The housing provider purchases the property on their behalf, and sells part (usually 25-75%) to the homeowner.
Advance purchases the property using a combination of:
The buyer generally needs to take out a mortgage to raise the money to pay for their share, an option made possible by participation in the scheme.
They can gradually buy more of the property, and eventually own their home outright. This is known as ‘staircasing’.
The homeowner pays rent to the housing provider on the part they have not bought. They also pay a service charge to the housing provider, who acts as the ‘landlord’ and is responsible for essential repairs and general maintenance on the property.
The interest payments on the buyer’s mortgage, the rent and the service charge may be met by eligible benefits.
To find out more, please get in touch with us. Fill in our form or call 0333 012 4307.