Low cost ownership home schemes
SWEP
Due to the weather, we have triggered our Severe Weather Emergency Protocol (SWEP) - our teams are making sure that all known and verified rough sleepers have been offered accommodation
The whereabouts and identity of any rough sleepers should be reported to our team so we can help them
Contents
- New build shared ownership
- Rent to buy
- First Homes
First Homes
First Homes is a pilot scheme where houses are available directly from developers. You should enquire with the developer to see what is available.
We do not market these properties.
Properties
These properties:
- must be discounted by a minimum of 30% against the market value (e.g. a property valued at £250,000 would be discounted by at least £75,000 and marketed at a maximum of £175,000)
- are sold meeting the eligibility criteria below
- on their first sale, will have a restriction registered on the title to ensure the discount is passed on with future sales of the property
and - after the discount has been applied, the first sale must be at a price no higher than £250,000
Eligibility
We check the eligibility of applicants on behalf of the developers (they will get in contact with us) and you:
- must be a first-time buyer
- should have a combined annual household income not exceeding £80,000
and - should have a mortgage to fund a minimum of 50% of the discounted purchase price
You must also have a local connection through one of following criteria:
- be ordinarily resident in the North Northamptonshire area for at least 6 months prior to exchange of contracts
- have close family association with a family member ordinarily resident in the North Northamptonshire area
or - be moving to North Northamptonshire for the purposes of your employment in the area
Armed Forces
Local connection criteria will not apply to:
- active members of the Armed Forces or their divorced or separated spouses or civil partners
- spouses or civil partners of a deceased member of the armed forces (if death was caused by their service)
and - veterans within 5 years of leaving the armed forces
Last updated 23 August 2023