With Social HomeBuy, you buy a share of your council or housing association home and pay rent on the remaining amount.
To apply, ask your landlord for an application form.
You’ll get a discount of between £9,000 and £16,000 on the value of your home, depending on:
Where your home is the size of the share you are buying
The size of the share you are buying if you want to buy another share in your home in the future, you’ll get a discount on that too.
If you want to buy another share in your home in the future, you’ll get a discount on that too.
Buying more of your home later
You must buy at least 25% of your home. You can buy more later, until you own 100%. This is called ‘staircasing’.
If you buy more of your home, your rent will go down – because it’s based on how much of the property you rent. Your landlord can charge rent of up to 3% of the value of their share of your home, per year.
For example, your home is worth £240,000 and you buy a 50% share. Your landlord charges you 3% rent on their 50% share. 3% of £120,000 is £3,600 per year. This works out at £300 per month payable in rent.