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Buying a home/low cost home ownership

Owning your own home gives you more security and stronger rights than rented accommodation but it is a big financial commitment.

You should only consider it if you can realistically afford it.  If you fall behind on mortgage payments, you could lose your home.  If you are in this situation you should contact Housing Options immediately. There are lots of different types of mortgages.  You can get a copy of the Council of mortgage lendersOpens new window guide 'How to buy a house', which explains your options - you can contact them on 02074370075.

Low cost home ownership - Shared ownership schemes

Shared ownership schemes enable you to buy a share of a property.  They can be a good option if you have a regular income, but can't afford to buy your own home out-right.  You pay a mortgage on the share you own, and rent the rest.  It usually works out cheaper than buying privately.  You may be able to buy more shares until you own the whole property.

Shared ownership schemes are run by Housing Associations.  For more information and details of Housing Associations that have shared ownership schemes ask an adviser at Housing Options or contact the Housing associations directly.

There is more information on our Affordable Housing pages.

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