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New Government Scheme Given To Tenants To Buy Their Home

Tenants that live in social and affordable housing are now being given the chance to own a share in their home. The Government is now taking new applications for the ‘Right to Shared Ownership’ scheme. The Government says the initiative is part of its best efforts to boost homeownership in the UK. Tenants will be given the opportunity to gradually increase their ownership to 100%.

What Is Right To Shared Ownership?

Under Right To Shared Ownership, tenants that are living in affordable housing or social rent housing will be able to purchase a equality state in the home their living in which varies between 10% to 100% in some circumstances. Tenants will be given a lower stake then will eventually be able to purchase 100% of their home.

Who Is Eligible For Right To Shared Ownership?

The tenants will have to be living in the home for at least 3 years and who have been living for 1 year in a property that was built under the UK Government’s Affordable Homes Programme 2021-2026.

If you are eligible all you have to do is apply and if someone else is on the tenancy you can apply for a joint application. You can get the application forms from the UK Government website. Once you have completed the application forms you can submit them to your landlord who will start completing the necessary checks. All applications will be subjected to eligibility checks.

The Housing Minister Lucy Frazer has said: “This scheme will have a number of benefits including giving tenants more control and autonomy over the home they live in.”
“It will also allow eligible tenants to get mortgages more easily and with a lower deposit.”
“We are helping tenants to do just that by supporting them with small, manageable steps onto the housing ladder, through the ‘Right To Shared Ownership’.”
“Buying a home is one of the biggest financial decisions people take and this is just one of the ways we are helping more first-time buyers reach their goal.”