Affordable home ownership

Buying your own home may be easier than you think. Various schemes are available to help first-time buyers enter the housing market.

FIRST STEPS - to home ownership in London

FIRST STEPS enables anyone looking for an affordable home in London to complete just one application form to access a range of affordable shared ownership and equity loan schemes being marketed in London. More information can be found by visiting the FIRST STEPS London website or by calling 0845 230 8099.

The FIRST STEPS service replaces the old housing options service. Approved applicants from housing options will not need to re-register with the FIRST STEPS service.

Affordable home ownership products currently available in Croydon:

FIRST STEPS shared ownership (previously known as New Build Home Buy)

You can buy a share in a brand new or refurbished home, a minimum of 25%. You pay a mortgage and a deposit, on the part that you own and pay a subsidised rent on the part that you don't own. You can increase the share you own until you eventually own 100% of the property.


FIRST STEPS resales are usually previously owned shared ownership homes that were built and sold in the past (shared ownership has been an option for over 30 years) and are now being sold on a part-buy, part-rent basis by their current owner. FIRST STEPS resales vary in location, age and design and provide an opportunity to buy an older property in an established community.

FIRST STEPS rent to buy

Rent to buy offers the opportunity to rent a newly built home on an intermediate rent basis; allowing you to rent a home at a rent which is charged at approximately 20% lower than you would expect to pay for a similar home on the open market. You can do this for up to five years with the option to buy the home through FIRST STEPS shared ownership when you are ready to buy in the longer term.

FIRST STEPS intermediate rent [limited supply]

This option is for people who are not ready financially to buy a property, but would still like to save to buy a home in the next five years. The rent is charged at approximately 20% lower than the normal rental market, allowing you to save for a deposit and commit to buying a home of your own.


The majority of the schemes are available to residents in the borough of Croydon and Croydon keyworkers in paid employment. To find out more about eligibility visit the First steps to home ownership in London website.

You can view details of schemes available here and in the downloads section below.

Related documents for Affordable home ownership