Today – Getting a home when you live on a budget
Getting a home when you live on a budget
Home ownership is becoming increasingly more difficult for large sectors of the population. The banks and building societies have tightened up on lending criteria and you will also have to be able to provide a hefty deposit if you are considering buying your own home.
The home owning dream
According to the 2011 census, figures published by the Office for National Statistics (ONS) show that 15 million homes were lived in by owner-occupiers and 8.3 million were rented.
Social housing providers like Orwell Housing might prove a more viable option for those on a low budget.
Social housing provides a safety net
Social housing has evolved to meet the needs of the low incomes and those who have a specific need as a result of disability or discrimination, providing these tenants with a secure housing solution. Anyone who is eligible for this type of accommodation will need to be referred and should apply to their local council or housing association.
You should ask to be put on the Choice Based Lettings scheme if you want to choose the area where you want to live. Many of these homes are in new developments and if you are disabled then they may be adapted to make your life as easy as possible.
Shared ownership asameans to getting a home when you live on a budget
Housing Associations also manage shared ownership projects. You’ll be able to buy a share of your home and pay rent on the remaining equity.
Building societies across the UK have teamed up with housing associations to provide this service. If your household earns under £60,000 a year, and most families in the UK do, and you’re a first time buyer or you already rent a housing association property then this scheme might help you get a foot on the housing ladder.
You can increase the portion that you own should your circumstances change. You should bear in mind that the values of the share will change according to the vagaries of the housing market though.
New opportunities with housing associations
Government cuts have made life harder for all sections of society. Social housing is one way of ensuring that people on low incomes can at least rent or buy a property from a responsible landlord. The conditions of housing association properties are always maintained and they try to give their tenants a fairer choice so it’s definitely worth looking into.
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