I'm giving up my Council home, are there any funds to help me buy a property?

There are some schemes available to assist those wanting to purchase a property on the open market

Cash Incentive Schemes

Many Local Authorities run a Cash Incentive Scheme (CIS) for tenants who are buying property on the open market and vacating their council property. The purpose of the scheme being to encourage home ownership, and therefore free up high demand council housing for those in the greatest need.

At present funding for the scheme comes directly from the individual Local Authorities budget, and as such not all councils are running the scheme. The maximum amount payable under the scheme is also at the individual authorities discretion.
Your local office should be able to advise whether or not they are currently offering CIS.

Homebuy Schemes

Homebuy is a scheme that helps you buy a home on the open market that you couldn't otherwise afford. You need to be able to fund 75% of the purchase price of a home through a mortgage. The remaining 25% is available in the form of an equity loan.

There are no payments made on the loan. Instead you repay 25% of the value when you decide to sell or if you buy the property outright. You will always repay the 25% based on the market value of the home at the time you sell it, so if the property value of the property increased you will pay back more than you borrowed.

Who can apply?

You must not be in rent arrears or have breached the terms of your tenancy agreement or have been paid or claimed housing benefit during the past twelve months. If you are a current homeowner your need will be assessed, and you would need to sell your property in order to proceed.

For more information on this scheme, please contact your Local Authority housing department.

Information is provided for guidance purposes only, we always recommend that you seek professional legal advice where appropriate

At Under One Roof we work as a team to help you find your dream council house exchange.

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