Do you want to own a home of your own but don’t think you can afford it? There are Government-led Low Cost Home Ownership (LCHO) schemes (also known as Help to Buy) which could help you to get on to the property ladder.
Help to Buy Agent 3
In Slough, Help to Buy is provided by Help to Buy Agent 3.
Help to Buy Agent 3 can:
- help you understand the schemes
- assess if you are eligible to take part
- do an initial assessment of affordability to make sure you can comfortably cover all your payments
- guide you through the home buying process through Help to Buy.
General eligibility rules for Help to Buy schemes
For many people LCHO/Help to Buy schemes will be their best chance of owning a home in the area in which they aspire to live and work. To qualify for these schemes, applicants should:
- have a gross household income of up to £80,000 per annum. Any bonuses and other forms of income will be included
- have enough savings for at least a 5% deposit on the share you buy
- around £2,500 to cover the costs for legal fees.
The only priority group, as defined by the Homes England, is:
- MoD personnel, or former members of the British Armed Forces (who have been discharged in the last 2 years)
- bereaved partners of service personnel killed in action.
You do not have to register with us as your local authority unless the property has a section 106 agreement.
On Shared Ownership schemes where there is a section 106 agreement in place, we will prioritise applicants as follows:
- MoD personnel
- a council or housing association tenant living in Slough
- applicants living and working in Slough
- applicants working in Slough (must be in full-time employment in Slough, for at least 12 months).
Fees and costs
All the usual costs involved with buying a property will apply:
- legal fees
- valuation fees
- mortgage arrangement charges
- stamp duty.
Your expenses each month will include:
- your monthly mortgage repayments
- buildings and contents insurance
- the rent on the share of the property owned by the housing association
- utilities such as gas, electric, water
- other costs such as council tax, telephone, and television.
In some instances, you will also have to pay interest on an equity loan.
Please remember that your home will be at risk if you fail to keep up your mortgage and rent repayments.