Many people who can afford to, want to buy their own home. There are many benefits but buyers should be aware that homes are expensive and mortgage repayments, insurance, maintenance and repairs are sometimes greater than rental costs. A home may lose value and selling a property can take a long time, depending on market conditions.
Low cost home ownership
Mortgage repayments and high deposits mean that home ownership is out of reach for many. For some, shared ownership or one of the other low cost home ownership schemes may provide a more affordable way to buy all or part of a home.
Right to Buy
Some tenants who rent from a housing association may be eligible to buy their home through the Right to Buy scheme. The Right to Buy website provides information and you can also apply online.
Mortgage arrears and repossession
Our housing advice officers can offer advice about how to deal with mortgage arrears and the threat of repossession.
If you’re a homeowner getting certain income-related benefits you might be able to get help towards interest payments. See Support for Mortgage Interest (SMI) on the GOV.UK website for more information.