Affordable housing explained

Affordable rent

The majority of affordable rented properties in the High Peak are managed by the council and housing associations, and are allocated through Home Options (opens new window).

A number of housing associations still operate their own housing register and you can apply directly to them.  Find their details on our Find a Home webpage.

Home ownership options

If you cannot afford to buy a home outright you may be able to get financial help through a shared ownership scheme or Discounted Market Sales scheme.

Discount market sale

Properties are offered for sale at a discounted price of the full market value. For example, a £100,000 house with a 25% discount would be offered to eligible applicants for £75,000.

When you want to sell the property, you must do so on the same terms, which means you must sell it with the same level of discount you received and to someone who meets the criteria for affordable housing.

Just to note that this is not a shared ownership scheme and even though there is a discount on the sale price you would still own 100% of the property.

Shared Ownership

Shared Ownership - part buy (between 10% and 75%) and part rent - are available through Registered Providers.

Shared ownership is being made more accessible by reducing the initial share you can buy in your new home to 10% and allowing you to increase your share in 1% instalments. This means that you can increase your share of the property in manageable payments when you want, at a pace that is right for you.

95% Mortgages

The mortgage guarantee scheme allows first time buyers to purchase a home with only a 5% deposit. The scheme will help to increase the supply of 5% deposit mortgages for eligible households by supporting lenders to offer these products through a government-backed guarantee.

Help to Build

Scheme to help self and custom home building become a realistic option to get onto the housing ladder through lower deposit mortgages. Lowering the required deposit will free up capital, so people can build the home that they want and need. The scheme will provide an equity loan on the completed home.

The Own Your Home website provides useful information to help with affordable home ownership

Find more information on home ownership schemes at the Government website.