If you are thinking of buying your own home, you will need to make some plans to guide you through the process. You need to consider:
- Your budget
- Size of property needed
- Amenities nearby
If you don't think that you can afford to buy a property on the open market, there are other routes to home ownership that may be more accessible to you.
Shared Ownership is sometimes called 'part buy / part rent'. These schemes allow you to buy a percentage share of a property owned by a social housing provider. You then pay a low amount of rent to the social housing provider for the remaining share.
The share you buy may only be small, generally no less than 25 per cent, of the property value. You are then able to buy the remaining shares of the property gradually, in a process known as 'staircasing'. Not all shared ownership schemes are the same, there are variations in how they operate and rules regarding eligibility.
If you are planning to purchase a shared ownership property in Wakefield your first step is to contact the regional Homebuy agent. They can confirm whether you qualify for any shared ownership schemes in the Wakefield area. Details of the Homebuy agent for Wakefield can be found below.
There are several government sponsored schemes in place that may be able to assist you in buying your own home. The Homebuy scheme aims to make affordable homes available to buyers priced out of the housing market.
For both Social Homebuy and New Build Homebuy schemes you will need to arrange a mortgage for the share you are purchasing and ensure you can afford the payments. All applications are assessed by the regional Homebuy agent.
For further information see link below or you can call my4walls on 0113 243 6893 or check online at