Available government support to home ownership Flashcards
What is right to buy?
it is a scheme created to allow individuals to purchase their council owned homes
how long do you need to rent from the government to be applicable for the right to buy scheme?
you need to have rented the same occupancy for at least 3 years
what discount is allowed on properties through the right to buy scheme?
Between 35% and 70%
what is the name given to the process of purchasing more shares of a home in the Shared ownership scheme?
Staircasing
What is the Shared ownership scheme?
it is when you purchase a % of your property, typically between 25% and 75%, and then pay rent on the remainder
What were the requirements for the Shared Ownership scheme?
To qualify, you typically need to have a household income below a certain threshold, be a first-time buyer, or be unable to afford full ownership on the open market
When did the help to buy scheme end?
2016
What was the maximum property value in the Help to buy scheme
£600,000
What does LISA stand for?
Lifetime Individual Savings Account
What is the age range for opening a LISA?
18-39
What is the maximum property price for a home bought through a LISA
£450,000
