Buying Your First Home

Buying a property, no matter if it’s your first or fourth, is one of the biggest purchases you can make in life.

The process itself can be quite complex which is why you should do some research before jumping into anything. If you’re seriously considering buying a property with us, Accent Housing, we can help you out with your next steps.

The Basics of Buying a Home

When buying your very first home, you’re classed as a first-time buyer. And you may be unfamiliar with the process in general as well as any additional aspects.

Typically, you’ll need to save up around 5% to 10% of the property’s full value as a deposit and you can ask for a loan from the bank to pay for the rest. So for example, if a property is £150,000 at full market value, you may pay a deposit of £7,500 (5%).

Before that, though, any first-time buyer should definitely research the area. This is the place you are now going to be living, whether you’re by yourself, with a partner, or a family of four. It’s important to know about things like crime levels, education rates, transport links.

And if you find yourself in a position where you know you won’t be able to afford a deposit of a house at full market value, there’s always another option: Shared Ownership.

What Is Shared Ownership?

For people who can’t buy a house at its full value, there is something called the Shared Ownership scheme. It was set up by the government to allow more people to be able to afford housing.

It’s a more affordable option for people as it only requires a first-time buyer to pay a deposit of the share they’re purchasing. Then, they will only pay mortgage for that share, while paying rent to a housing association on whatever remains.

When compared to purchasing the home outright, the money required for a deposit on a shared ownership home is usually much lower.

Who Can Qualify for Shared Ownership?

Though shared ownership homes are a great alternative for many people, there are still a few criteria to tick before you can be eligible. Here’s some of the rules:

  • A deposit between 5%-10% of the share you’re buying is required.
  • It must be your only home. So that can mean that you’re a first-time buyer or someone who previously owned a home but no longer does (and cannot afford a new one).
  • If you are in a position where you can buy a similar home but outright, you cannot purchase a shared ownership home.
  • Your household income must be £80,000 a year or less, £90,000 if you’re based in London.

Buying Your Accent Home

Depending on both circumstances and tenancy type, it may be possible for you to buy the home you rent with us.

There are actually two schemes that can help you buy the home you rent with Accent Housing. These are the right to buy and the right to acquire schemes.

The Right to Buy

If you became an Accent resident before 15 January 1989 and hold a secure tenancy, you could qualify for the right to buy your home. You can contact your customer partner to find out what type of tenancy has. If you don’t know your customer partner, you can use MyAccount to find out.

However, even if your tenancy does give you the right to buy, Accent Housing are allowed to reserve the right depending on circumstance. For example, if we are taking action against you or your home was adapted for your needs specifically.

The Right to Acquire

Having an assured tenancy with Accent Housing and living in a home that was built with public funds after 1 April 1997 may give you the right to ‘acquire’ it.

Although, you should also know that the amount of time you’ve been a tenant with us could affect your right. If you need guidance, talk to us about your possible right to acquire!

Does Accent Have Shared Ownership Homes Available To Buy?

All of our available shared ownership homes are available on homemadehomes.com/our-homes. Homemade is an experience property sales team within Accent. We offer both new and resale shared ownership homes.

Over the years, we’ve helped thousands of people fulfil their ambition of being homeowners with our shared ownership properties. Our team are experienced  industry experts and proud of what  we do. We would love to help you find your next home so don’t hesitate to contact us.

 

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