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Types of Affordable Housing

Here you can find information about the types of affordable housing in Mendip which are provided on a rental or home ownership basis.

Social Rent

Social rented housing is owned by local authorities and private registered providers (as defined in section 80 of the Housing and Regeneration Act 2008), for which guideline target rents are determined through the national rent regime. It may also be owned by other persons and provided under equivalent rental arrangements to the above, as agreed with the local authority or with the Homes and Communities Agency.

Affordable Rent

Affordable rented homes are provided by Housing Associations with rents lower than those on private market. This type of product is perfect for those who are unable to obtain a mortgage or do not want to commit financially to the choice of home ownership products.

Shared Ownership

Shared Ownership products are provided by Housing Associations and can be referred to as part rent, part buy homes or intermediate products. You are able to buy between a 25-75% share on your home and you then pay a reduced rent on the remaining equity.

This product is aimed at those who can afford more than an affordable rent, but for example may live in a very high value area and cannot afford to own their own home. This provides you with opportunity to own a home and you can increase your share over time. In some cases you may even be able to 'staircase' to full ownership.

If you would like some further information about shared ownership or the Help to Buy Scheme, please click here.

Discount Open Market

Discount Open Market is delivered through the private developer or house builder and is available for full ownership, you do not own a share and you do not pay any rent. The home is available at a discount: between 70%-80% of its open market value.

We have our first Discount Open Market unit delivered by Summerfield Homes, at Church Meadows, Baltonsborough.

Further information

 

Last modified: 24 January 2017