Home Ownership Options in Runnymede

The Council acknowledges that purchasing a home outright in Runnymede is difficult for people on low and moderate incomes. We have therefore supported Thames Valley Housing Association in their development of a range of low cost home ownership products. These products include Homebuy and Shared Ownership schemes. A brief explanation of these schemes is given below.

To find out more about the full range of schemes, and whether you would be entitled to assistance, you should contact the Thames Valley Housing Association's Sales Team on 0208 607 0607 or visit their web site at www.tvha.co.uk

What is Homebuy?

This is a scheme in which you buy 75% of the property's value. The Housing Association gives you an equity loan for the other 25% using Government grant and other funds. You do not have to pay rent or interest on the 25% but you do have to repay 25% of the value of the property to the Housing Association if you decide to sell the property at a later date.

There are Homebuy opportunities for purchasing existing and new homes. Details are available n the Thames Valley Housing Association web site for both or you can also register on www.homebuy.co.uk or phone the Homebuy Advisors on 0208 607 0607 to ask about the details.

What is Shared Ownership?

This is a scheme where you purchase a share of the property (usually 30%-50%) and you pay a rent for the share that you have not purchased. A Housing Association funds the other share and you are then asked to pay a rent to them for this.

The majority of shared ownership units are new properties built by Housing Associations. Details of all units built in Surrey are publicised on the Thames Valley Housing Association web site.

Thames Valley Housing Association also advertise Shared Ownership resale properties on their site at www.tvha.co.uk. These properties are being sold on by existing owners in Surrey. You can see details of each property, including a photo, description, price and rent. The range of properties for sale will change frequently so it is a good idea to look regularly. The site also gives you numbers to ring if you have questions or if you wish to express an interest in a specific property.

Where can I get other information about buying a home?

You can get a copy of the Council for Mortgage Lenders (CML) Guide to Home-Buying and Selling in England and Wales. This can be downloaded from www.cml.org.uk or copies can be obtained by phone on 020 7438 8956. The CML site also contains a range of useful information for anyone who is seeking a mortgage.

What else can I do to register my interest in low cost home ownership and other housing opportunities?

You should join the Council’s Housing Register. To do this please contact Runnymede's Housing Needs Team (01932 425829) to ask for an Application Form. These can also be downloaded from this website. If you are not sure what the Housing Register is then the Policy for the allocation for social housing will provide you with more information.