Affordable buying options

Buying an affordable home in East London or Essex with East Thames

We can help you to find the perfect, affordable home for sale in East London or Essex through the most suitable buying option for you. 

1. Shared Ownership

Shared Ownership is designed for first-time buyers who are able to raise a mortgage but are unable to afford the full cost of home ownership.



The biggest benefit of Shared Ownership is that you can, in the future, buy further shares and eventually own 100% of your property. This is called Staircasing.

Shares normally range from 25% to 75% of the total property value. You must buy the maximum share percentage you can afford. Subsidised rent is then paid on the remaining share you do not own. 

Our Shared Ownership properties are prioritised firstly to Social Rent tenants and selected Ministry Of Defence staff and then applicants who are already living in the borough in which a property is located. Other priorities can vary depending on the borough council's rules.

View our Shared Ownership guide and find out more by clicking here

2. Existing Shared Ownership

The 'resale' of an existing Shared Ownership property where the owner(s) of the property wish to sell it on.



If you are interested in purchasing a property in this way, you will be able to buy the same percentage share as the previous owner(s) and pay a subsidised rent on the remaining share.



With resale properties, you also have the option of buying further shares in the future. This is called Staircasing.

3. Right to Acquire

Right to Acquire is a scheme that gives tenants the legal right to buy the home they currently live in, with the aid of a grant. This grant ranges between a maximum of £9,000-£16,000*, and which varies between boroughs.

Who has the right to acquire?

Some tenants in homes that East Thames built or bought after April 1997 have the Right to Acquire their home at a discount. If you were the tenant of a local council home which we took over, you have a Preserved Right to Buy. This is the same right as you had as a council tenant.

If you have one of these rights, you can buy your home at a discount, which depends on the total length of time you have rented it.

Please call the Home Ownership Team on 0845 600 0830 if you want to check your right to buy your home.

4. Social HomeBuy

Social HomeBuy is a scheme that allows tenants to buy their home, with the aid of a grant, proportionate to the initial share you purchase. This scheme offers the flexibility to buy outright, or on a part-buy, part-rent basis, starting with a minimum share of 25%. It’s ideal for those who do not qualify for Right to Acquire, or can only afford to buy a share, rather than 100% of their home.


How much will I save?


The cost of buying a share through Social Homebuy is substantially lower and more affordable than the estimated costs of buying outright. You will receive between £9,000 - £16,000*, depending on which borough you live in, and what percentage of your home you purchase.



* Costs are provided as a guide only, and are calculated on a 100% share basis.

Want more information?

Contact our sales team for more information about buying options or eligibility.
Phone: 0845 600 0830
Email:
properties@east-thames.co.uk
 
You can also use the mortgage calculator to help calculate your monthly repayments.

View our affordable homes for sale across East London and Essex by clicking here

East Thames Sales has a brand new Facebook page. Like us for more information on our homes for sale and new developments.