A HOME OF YOUR OWN. A Guide to Low Cost Housing in Hounslow for People on Moderate Incomes and for Key Workers

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1 A HOME OF YOUR OWN A Guide to Low Cost Housing in Hounslow for People on Moderate Incomes and for Key Workers

2 WHAT IS LOW COST HOUSING? Low Cost Housing is a general term for a number of schemes aimed at helping people on low and moderate incomes to afford a home of their own. For most schemes anyone on a moderate income that lives or works in the borough is eligible. However, some schemes are targeted to particular groups (such as teachers or existing Council and Housing Association tenants). The main initiatives are Shared Ownership, Homebuy, and intermediate rent schemes. WHO ARE KEY WORKERS? There are two definitions of key workers 1 Hounslow s: key workers are defined as anyone that lives or works in the borough that is on a moderate income. Although moderate incomes are currently defined as up to 35,000 per household, applicants on higher incomes may be eligible. 2 Central Government s: key worker schemes funded by central government are targeted at specific employee groups only: Education Health Police Prison Service Probation Service Local Authority Planners Local Authority Social Workers Local Authority Occupational Therapists Local Authority Educational Psychologists

3 Shared Ownership Shared Ownership is a part buy, part rent scheme. Successful applicants buy a share - from 25% - in a property from a Housing Association (Registered Social Landlord), and pay rent on the remaining share. Over time, applicants can buy extra shares in their property until they own the property outright. As the share of the property they own goes up, the rent level decreases. For example, on a property worth 200,000, applicants could get a mortgage for 50% (half) of the value, i.e. 100,000. Rent is then charged at a small percentage of the remaining share of the property Who is eligible? Shared Ownership is aimed at people on moderate incomes that live or work in the borough. It is prioritised towards people who are existing Council or Housing Association Tenants that want to become home owners. Applicants living in private accommodation may also apply. What properties are available? Properties are for sale through Housing Associations (registered social landlords). For more information on available schemes, or to apply, visit

4 Homebuy What is Homebuy? Homebuy is an equity loan scheme that allows people on lower incomes to buy properties in the private sector Successful applicants would be given an interest free loan towards the purchase of a property. The loan is normally repaid when the property is then sold. Loans are repaid at the percentage of the equity at which they were originally paid out. For example, on a property with a full market value of 100,000, applicants may receive a loan of 25,000 (25%). If the property were then sold again for 160,000, then the value of the repayment would be 40,000 (25%) of the market value. Who is eligible? Homebuy is aimed at existing Council and Housing Association Tenants and is run by Notting Hill Housing Group and Shepherds Bush Housing Association Homebuy is also available to those employee groups defined by Central Government as key workers: Education; Health; Police; Prison Service; Probation Service; Local Authority Planners; Local Authority Social Workers; Local Authority Occupational Therapists; Local Authority Educational Psychologists. What properties are available? Homebuy allows people to buy properties on the open market. Successful applicants would be able to look for properties through estate agents etc.

5 Intermediate Rent What is Intermediate Rent? Intermediate rent means properties rented at a percentage of full market value For example On a one bedroom flat in the private sector with rental value of 600 per month. The intermediate rented level could be between 60 and 90% of this value, depending on the property type. This would give a rent of between per month Who is eligible? Intermediate rented homes will be available to those on moderate incomes that live/work in the borough. There will also be a number of intermediate rented homes available for key worker employees. For more information visit

6 Key worker schemes CENTRAL GOVERNMENT S DEFINITION The initiative set up by Central Government is called Key Worker Living and features the following schemes Key Worker Homebuy Key Worker Shared Ownership Key Worker Intermediate Rent The schemes run by key worker living are aimed at the following groups: Education; Health; Police; Prison Service; Probation Service; Local Authority Planners; Local Authority Social Workers; Local Authority Occupational Therapists; Local Authority Educational Psychologists. For more information, and to apply online, visit or contact Keystart Housing Association HOUNSLOW S DEFINITION The Council runs key worker schemes for everyone on a moderate income that lives or works in the borough. These include shared ownership and intermediate rent initiatives. You can register these initiatives and for homebuy at

7 How do I apply? You can apply online at for all shared ownership homes aimed at those on moderate incomes. If you want to apply for Key Worker Homebuy, visit or contact Keystart Housing Association (Head Office) Freepost (PAM6800), London, W13 9BR For Homebuy that is not aimed at key workers, contact Notting Hill Housing Group OR Bush Homes

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