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Affordable housing schemes

Affordable housing schemes can help you to buy your own home.

There are several different affordable homeownership schemes which could help you to buy your own home in the Borough. Each scheme has different eligibility criteria as shown below.

If you are purchasing a new property from a developer, please contact them directly and they will check your eligibility for the various schemes. 

If you are selling a property that has previously been purchased under the discount for market sale scheme, contact the Strategic Housing Team for information on the steps to be followed before your sale can proceed.

If you are purchasing a property that has previously been bought under the discount for market sale scheme, contact the Strategic Housing Team to see if you are eligible under the terms of this scheme.

To contact the Strategic Housing Team, call Helen Dixon on 01642 526078 or email helen.dixon@stockton.gov.uk.

 

Discounted market sale

This discounted market sale scheme helps you to buy a house at less than market value and it means that you can own 100% of your new home.

To be eligible for a discounted market sale property you must:

  • be over 18
  • be employed/self-employed (unless you want to buy your house with cash)
  • have a household income under £60,000 per year
  • have a local connection
  • be a first-time buyer or discharged from ownership in any other property
  • have access to enough money to pay the required deposit

 

Help to buy - equity loan

The equity loan scheme allows you to get a loan from the government of up to 20% of the price of your property. You will need a mortgage of up to 75% to pay for the rest of the price of the property.

You do not have to pay interest on your loan from the government for the first 5 years and you can choose to pay back part or all of your loan at any time. You will be required to pay back all the loan under certain circumstance, such as if you sell the property.

You need to show that you can afford the repayments on your loan alongside your other outgoings.

To be eligible for the equity loan scheme, you must:

  • buy a new build house from a registered Help to Buy builder
  • have access to enough money to pay at least a 5% deposit
  • be able to show that you can afford your equity loan payments alongside your other outgoings.

 The home you are buying must:

  • have a purchase price of up to £186,000
  • be the only home you own and where you intend to live

 

Help to buy - shared ownership

This scheme allows you to buy a share of a property from a Registered Provider such as a Housing Association and pay rent on the rest. The share you buy can be between 25% and 75% of the total property value. You can choose to buy a bigger share of the property once you become the owner.

You will buy the property under a leasehold, which means you only own the property for a specific amount of time.

To be eligible for a shared ownership property, you must:

  • have a household income under £80,000

You must also meet one of the following criteria:

  • you are a first-time buyer
  • you used to own a home but can't afford one now
  • you already have a shared ownership property but are looking to move

 

Rent to buy

This scheme allows to rent a new build property at a rate that is cheaper than normal for similar properties in the area. After 5 years in the property, you will have the options to buy the property outright if you can afford to.

To be eligible for a rent to buy property, you must be one of the following:

  • a working household intending to buy your own home
  • a first-time buyer
  • returning to the market after the end of a relationship