Housing

Buying your own home may be easier than you think. Various schemes are available to help first-time buyers enter the housing market. You can download details of the schemes currently available below. .

The schemes are administered by L&Q, the HomeBuy agent for the South West London Sub-Region (details below). They are subject to availability and are periodically updated.  Further information and details of how to apply are available at Housing Options for London - see the link under associated links.

Eligibility

The majority of the schemes are available to residents in the borough of Croydon and Croydon keyworkers in paid employment. Housing benefit applicants are not eligible for the Intermediate Rent scheme. Housing benefit applicants may be eligible for other home ownership schemes depending on their ability to raise a mortgage. Priority is given to Croydon Council and housing association tenants. For information about who is a key worker see the eligibility link above.

Schemes

New Build HomeBuy (formerly Shared Ownership)

This is a part-buy, part-rent scheme where you buy a share in a new or refurbished home. You pay a mortgage on the part you own and a subsidised rent on the part you rent.

You can increase the share you own as your income rises until you own 100% and no longer pay any rent to the housing association.

NewBuild HomeBuy/Shared Ownership Resales

These are NewBuild HomeBuy or Shared Ownership properties that were built and sold in the past that are now available for purchase under NewBuild HomeBuy terms because the existing owners want to sell.

Intermediate Rent

This scheme offers you the chance to rent a brand new or refurbished apartment at a subsidised rent. The rent charged is normally 20-30% lower than you would expect to pay for a similar apartment in the same area.

Rent to HomeBuy

Rent a newly built home at a discounted price. The discount on this assured shorthold tenancy will be a minimum of 20% and could last up to five years. When you are financially ready to buy and it is agreed with your landlord, you can purchase a share under New Build HomeBuy terms or vacate the home.

HomeBuy Direct

Help for first time buyers to buy a home directly from a property developer with the help of an equity loan of up to 30% of the property value. There is no monthly charge to be paid on the loan for the first five years. You will need to contact the developer directly about these properties. For further information on the repayment details please see the details on the Housing Options for London website - see the HomeBuy Direct associated link.

First Time Buyers Initiative (FTBI)

First time buyers can buy a share in a home on a designated FTBI development with government financial assistance. For the first three years no repayment is required on the amount the government has contributed. For further information on the repayment details visit the Housing Options for London website - see the First Time Buyers Initiative (FTBI) associated link.

Contact Details

Contact name

L&Q (HomeBuy Agents)

Telephone

0844 406 9997

Website

http://www.housingoptions.co.uk