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There are a variety of schemes available to help you buy a home of your own.

More information

North Lincolnshire’s second annual Homeownership Expo will take place on Saturday 21 March at the Engineering UTC Northern Lincolnshire, for residents to find out everything they need to know about getting on, or moving up the property ladder.

The expo – which will take place at the UTC in Church Square, Scunthorpe from 11am to 2pm – has been organised by North Lincolnshire Council, Ongo, Sills and Betteridge Solicitors, and Smooth Financial Solutions.

This free event is suitable for everyone on any rung of the property ladder, from first-time buyers to down-sizers. There will also be advice for those looking to buy a second property to let.

Visitors to the expo can meet with estate agents, mortgage providers, solicitors, banks and building societies, insurance companies, removal companies, house builders and more for advice and guidance on every stage of the house-buying process.

Talks from guest speakers will be taking place throughout the afternoon, giving you advice on buying and selling, stamp duty, rent to buy, and investing in property. You’ll be able to register your interest in the talks online shortly.

Businesses interested in coming along to the Homeownership Expo to speak to house-hunters can get in touch with the council’s Events team on events@northlincs.gov.uk.

Are you hoping to become a home owner? There are a variety of projects and schemes to help you buy your own home in North Lincolnshire.

Below, you will find an array of schemes which might be right for you. If you have any queries or want to discuss your options further call 01724 297302.

If you’re a first-time buyer (under 40 years old) the Starter Homes scheme could help you buy a new-build home with a 20 per cent discount. The maximum cost of a home offered via the Starter Homes scheme will be £250,000 outside London.

Starter Homes will be built on designated Starter Homes development. According to the criteria established by the Government, for approval as Starter Homes, the development will need to be:

  • On previously under-used commercial or industrial land
  • On sites that are not currently assigned for housing development

The Government will also be introducing design requirements for Starter Homes. By registering your details on the  new homes website you can sign up for more information on the scheme and be contacted with details of Starter Homes in your area.

If you want to buy a home where you have a local connection, this scheme could help you do that with a discount. A Discounted Market Sale property is when 100 per cent of a new build property is purchased directly from the developer, at a discounted price of full open market value. The discount is written into a covenant on the property and will remain in perpetuity through all subsequent sales. Unlike shared ownership, you do not have to pay rent on the remaining share of the property, as there is no remaining share.

  • Applicants must have a local connection to North Lincolnshire (through family, employment or ordinary residency) and meet the eligibility criteria of the S106 Agreement for the development.
  • Applicants must not be able to afford to buy a home suitable for their needs on the open market.
  • Must remain as the applicant’s sole main residence and not leased out.
  • Must be over 18.
  • Must be a first time buyer.
  • Is or are employed.
  • Has an account with a bank, building society or the Post Office.
  • Be a British National (or have indefinite leave to remain).
  • Applicants must have a joint income (including savings) of not more than £32,000 per annum (to be recalculated on each development).
  • Applicants must secure the purchase of the home with a mortgage from a lender registered with the Financial Services Authority and must have a deposit.
  • Where a mortgage is not required, the applicant must provide evidence of their means to finance the purchase, which will be approved by the Strategic Housing Team.
  • Applicants must not be in mortgage or rent arrears or in breach of their current tenancy agreement.

The full qualifying Discounted Market Sales  [PDF, 217Mb] and the Discounted Market Sale DMS application [DOC, 735Kb] can be downloaded.

Persimmon Homes currently have Discounted Market Sales properties available in our area.

If you have any questions please don’t hesitate to contact us, however, before doing so you may wish to read our Discounted Market Sales FAQ   [DOC, 303Kb] which may address many of the questions you have.

With Rent to Buy or Purchase you pay only 80 per cent of the market rent, letting you pocket the other 20 per cent to help you save for a deposit on your first home. Rent to Buy helps aspiring first-time buyers save for a great future as a homeowner.

There are currently no Rent to Buy properties in North Lincolnshire.

If you can’t quite afford the mortgage on 100 per cent of a home, Shared Ownership offers you the chance to buy a share of your home (between 25 per cent and 75 per cent of the home’s value) and pay rent on the remaining share. Later on, you could buy bigger shares when you can afford to.

You could buy a home through Shared Ownership in England if:

  • Your household income is £80,000 a year or less.
  • You’re a first-time buyer, or you used to own a home but can’t afford to buy one now.

Both Acis Group and Ongo currently have shared ownership schemes available in our area.

Help to Buy Shared Ownership – From April 2016

Help to Buy: Shared Ownership will lift the limits so that anyone who has a household income of less than £80,000 can buy a home through Shared Ownership. Only military personnel will be given priority over other groups.

HOLD – Home Ownership for People with Long-Term Disabilities

If you have a long-term disability, the HOLD scheme in England could help you buy any home sale on a shared ownership basis (part-rent/part-buy). You could buy a share of your home (between 25 per cent and 75 per cent of the home’s value) and pay rent on the remaining share.

You can only apply for the HOLD scheme if the homes available in the other shared ownership schemes don’t meet your needs, e.g. you need a ground-floor home.

You could buy a home through the HOLD scheme if you have a long-term disability and meet the following criteria:

  • Your household earns £80,000 a year or less
  • You’re a first-time buyer, or you used to own a home but can’t afford to buy one now
  • You rent a housing association property.

The local Help to Buy agent  can help you with this scheme.

OPSO – Older People’s Shared Ownership

If you are aged 55 or over, the OPSO scheme in England could help you buy any home that’s for sale on a shared ownership basis (part-rent/part-buy). You could buy a share of your home (between 25 per cent and 75 per cent of the home’s value) and pay rent on the remaining share.

It works in the same way as the general shared ownership scheme, but you can only buy up to 75 per cent of your home. Once you own 75 per cent you won’t have to pay rent on the remaining share.

You could buy a home through the OPSO scheme if you’re aged 55 or over and meet the following criteria:

  • Your household earns £80,000 a year or less.
  • You’re a first-time buyer or you used to own a home, but can’t afford to buy one now.
  • You rent a housing association property.

The local Help to Buy agent can help you with this scheme.

If you’re a council tenant in England the Right to Buy scheme could help you buy the home you rent with a discount of up to £77,900.

From May 2015, the eligibility criteria have been reduced from five years public sector tenancy to three years. This means you now have to be a tenant for three years instead of five before you can apply to buy your home.

Preserved Right to Buy

If you are a secure tenant of a local authority, and your home is transferred to a registered provider (for example, a housing association) and you become an assured tenant, you are very likely to still have the Right to Buy.

Right to Acquire

If you’re a housing association tenant in England the Right to Acquire scheme could mean you are eligible to buy the home you rent at a discount of between £9,000 and £16,000 on the price of your home. The amount of discount you’ll get depends on where you live. You can apply to buy your housing association home if you’ve had a public sector landlord for three years.

Your property must either have been:

  • Built or bought by a housing association after 31 March 1997 (and funded through a social housing grant provided by the Housing Corporation or local council)
  • Transferred from a local council to a housing association after 31 March 1997
  • Your landlord must be registered with the Homes and Communities Agency

The home you want to buy must also be:

  • A self-contained property
  • Your only or main home

Help to Buy: Equity Loan

Scheme ends: 2021

Borrow up to 20 per cent of the cost of a new-build home from the government on homes up to £600,000. There is no interest to pay on the loan for the first five years.

All you need is a 5 per cent cash deposit and a 75 per cent mortgage to make up the rest. The local Help to Buy agent  can help you with this scheme.

Forces Help to Buy

Scheme Ends: 2017

If you’re a regular serviceman or servicewoman in the armed forces, the Forces Help to Buy scheme could let you borrow up to 50 per cent of your salary to a maximum of £25,000, interest free. This loan is for buying your first home or moving to another property on assignment or as your family’s needs change.

To be eligible, all regular service personnel must:

  • Have completed the pre-requisite length of service
  • Have more than 6 months left to serve at the time they apply
  • Meet the correct medical categories

However, there may be instances where exceptions to the standard rules may be justifiable, especially where you have extenuating medical and personal circumstances.

You can apply for the loan online through the Joint Personnel Administration system and can seek advice on your application through your chain of command and personnel agency.

Other government-backed housing schemes can be used together with Forces Help to Buy, except the Help to Buy Mortgage Guarantee.

Help to Buy ISA

If you’re a first time buyer, save up to £200 a month towards your first home with a Help to Buy ISA and the Government will boost your savings by 25 per cent. That’s a £50 bonus for every £200 you save. You can receive a bonus of up to £3,000. This means if you save £12,000, the government bonus will bonus will boost your total savings to £15,000. This scheme was launched on 1 December 2015.

Custom, Self Build and Housing Development Fund

The Homes and Communities Agency’s (HCA’s) Custom Build Serviced Plots Loan Fund provides a £150 million fund for schemes of between 5 and 200 housing units. Funding will be made available to support the development of serviced plots to help the growing number of people who want to custom build their own home.

Serviced plots are shovel ready sites with planning permission, where plots or parcels of land are laid out and ready for construction. Access is provided and each plot or parcel of land has utilities and services provided within its boundary.

Access to the fund is on a fully recoverable loan basis and is for private sector developers (particularly small and medium-sized), housing associations, Community Land Trusts or community groups.

Funding from other HCA programmes (for example the Builders’ Finance Fund) can be applied for providing it is not for the same work. Any outstanding HCA loan must also be repaid ahead of any further funding.

Details at a glance

  • To provide serviced plots to help custom builders secure a ‘shovel ready’ site.
  • Addresses the challenges that custom builders face and supports people who want to build their own home.
  • The fund provides short-term loan finance to help support schemes.
  • Eligible qualifying expenditure includes on-site infrastructure costs; provision of on-site utilities; land preparation; demolition; fencing and landscaping; and professional fees.
  • Schemes must deliver sites with five or more shovel ready plots ready for further development.
  • Bidders must be a constituted body of good standing with the capability to deliver their project.
  • Projects need to have outline planning permission (with reserved matters) as a minimum to qualifying for funding.
  • Loans are available for residential projects only where the project leads to the construction of new custom builds.
  • Bidding for the fund is available on a continuous basis until funds are allocated.
  • The fund will make investments until 2019/20.
  • Total funds must be claimed by 31 March 2020 and repaid by 31 March 2025.
Further information

More details can be found at on the Self Build Portal website.