Search site
 

Types of low cost and affordable housing

These are the different types of affordable housing available locally, whether you wish to rent or buy.

Social Rented Housing

  • Is usually owned and managed by Housing Associations (Registered Providers)
  • Is offered to those on the housing register, the rent will usually be well below market levels in the private sector

Affordable Rent Housing

  • More expensive than Social Rented Housing, but rents are usually kept within local housing allowance levels.

Low Cost Home Ownership

Includes the following three types of ownership:

Shared Ownership

  • You share ownership of your home with the Housing Association (Registered Provider)
  • You pay a mortgage on your ownership percentage
  • You also pay rent to the Housing Association - this rent will be higher than social rents, but lower than market rents in the private-rented sector
  • Sometimes you will be able to buy the property outright in due course
  • Sometimes the percentage you can buy will be restricted, to make sure some properties remain as affordable housing for the future

Equity Loan Schemes

  • You own the property, but get financial help through another loan, which is secured on the property
  • This loan is partly funded by the developer and partly by the Government
  • More information is available on the Help To Buy South West website.

Right to Buy/Right to acquire

  • You must already be renting a house from a Housing Association or the Council 
  • Contact your landlord for more information about this option

Are you interested in one of these schemes?

You must first register your interest with South West Homes. The website has more information on your next steps.