Affordable Homes, otherwise known as the intermediate housing market, are provided for those people who do not qualify for a social rent property through a Council or Housing Association, but who cannot afford to buy a home outright on the open market and don’t want to pay the high rents associated with privately rented properties.

There are a number of different schemes offered as affordable homes which can be a little confusing. To help you we have set out the types of schemes currently on offer for your information.

New Build Homebuy (previously known as shared ownership)
This scheme gives you the opportunity to purchase part of a brand new or refurbished property. You buy your share, normally from 25% to 75% initially, and pay a subsidised rent on the part you don't own. Later on, if you want to and can afford to, you may purchase the remainder of your home and eventually own it outright just like any other home owner.   The more of the property you buy, the less rent you pay and, when you own it outright, there will no longer be any rent payable.

New Build Homebuy Resales
This is the same as above, but instead of buying a brand new property, you buy a property from an existing shared owner who wishes to move on.

Open Market Homebuy
This scheme enables you to identify a property on the open market that you would like to purchase and the Housing Association will give you an equity loan equal to 25% of the purchase price.   You do not make any monthly repayments on the equity loan, but you will be required to repay 25% of the sale price of the property when you move.   This scheme is primarily open to Local Authority or Housing Association tenants willing to give up the tenancy on their rented property.   Sometimes those on the Local Authority's Housing Register may qualify.

First Time Buyers Initiative/London Wide Initiative
- formerly known as the New Build Equity Loan Scheme
Through this scheme you can buy a share in a brand new home. You would normally buy your share through a mortgage and/or savings and the Housing Association will provide you with an equity loan to cover part of the cost. There will not be any repayments on the equity loan but you will be required to repay the same percentage initially contributed when you sell the property.