Home Ownership & Rental Options

Interior design There are many different ways you can rent or buy a home with L&Q, so whatever your circumstances, you can be sure of finding a home in a way that works for you.

Searching through the choices available can be daunting so if you have any queries on the options detailed below, please contact one of our sales team on 0844 406 9800 and they will be happy to explain which options you are eligible to apply for.

Shared Ownership (New-build HomeBuy)

Through this scheme you can buy a share in a brand new or refurbished home.

You usually pay a mortgage on the part you own and a subsidised rent on the part you don't own. As your income rises you can increase the share you own, until you eventually own 100% and no longer pay any rent to the housing association.

If you are a key worker and leave your profession within five years you will be required to either sell the property or purchase all of the remaining share of the property.

Choose to rent or buy - UpToYou

UpToYou is an exciting new opportunity bought to you by L&Q that allows you to choose to rent or buy your home. There are several options available and you can find answers to your questions about UpToYou on this website.

Resales

These are shared ownership properties that were built and sold in the past that are now available for purchase on a part buy, part rent basis because the existing owners wish to sell.

HomeBuy Direct

With HomeBuy Direct, you can buy a newly built home on a designated HomeBuy Direct development with assistance from the Homes and Communities Agency and the house-builder, in the form of two equity loans.

You would take out an affordable mortgage (minimum 70% of the total purchase price) on which you make repayments in the normal way. The rest of the purchase price will be paid for with equity loans from the agency and the house-builder (maximum 30% of the total purchase price).

For the first five years of HomeBuy Direct home ownership you will pay nothing on the amount that the Agency and house-builder contributed to your purchase.

Find out more about HomeBuy Direct on the Housing Options website.

MyChoiceHomeBuy

The MyChoiceHomeBuy scheme is now closed.

Intermediate rent (IMR)

This scheme offers you the chance to rent a brand new or refurbished apartment at a subsidised rent.
The rent charged is normally 20-30% lower than what you would expect to pay for a similar apartment in the same area.
If you are a key worker the rent will cease to be subsidised if you leave your profession.

First time Buyers' Initiative (FTBI)

FTBI makes more affordable homes available to first time buyers priced out of the housing market. It is part of the government's new HomeBuy low cost home ownership initiative and is available through HomeBuy agents across England

It enables aspiring first time buyers, who cannot otherwise afford to buy a new home, to purchase a new property with an affordable mortgage and with Government assistance (min £25,001) on a designated FTBI development. The Government then has an entitlement to a share of the future sale proceeds which will be equal to the initial percentage contribution required to assist the buyer. This enables a FTBI buyer to take out an affordable mortgage (minimum 50% of the total purchase price) on which they make repayments.

For the first three years of FTBI home ownership there is nothing to pay on the amount which the Government contributed. After three years buyers will pay a fee to Government (through a HomeBuy Agent) of one per cent per annum on the amount Government funded. This fee will increase each year by a fixed percentage reaching a maximum of three per cent after five years in the property.

Find out more at First Time Buyers Initiative

The London Wide Initiative

A scheme for key workers only across 15 developments in London. This is a shared equity scheme where the Government retains a percentage stake in the home. You will not make any monthly repayments on the Governments share unless you sell the home or leave your key worker profession. You can apply online at Housing Options.

Note

All schemes are subject to availability of funding and our eligibility criteria. More detailed information on each scheme will be provided later in the application process. You can find more information about eligibility on Housing Options.