Mortgage Information - Shared Ownership
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Starter Home Initiative
The Government, together with certain Housing Associations, has launched the Starter Home Initiative.
This scheme is geared towards helping workers such as teachers, nurses and the police to be able to afford property within easy commuting distance of their place of work. It is the aim of the Government to help 10,000 key workers to be able to afford to buy their own home in the next three years. Your local Housing Association will be able to advise you whether such schemes are available in your area.
The schemes vary slightly from area to area, but generally are similar to the "Homebuy Scheme" outlined above. There is one main difference, however, and that is that the available grant is not fixed at 25%. Once again if you contact your local Housing Association they will be able to discuss their terms with you. Some Associations also offer the option of shared ownership.
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