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Tell me more about schemes that help people who can't afford to buy. Do I need to be a key worker, for example?

Tens of thousands of first-time buyers from all sorts of backgrounds are taking advantage of affordable housing schemes. Although most schemes are aimed at key workers - nurses, teachers, firefighters and police officers - some are open to anyone with a steady job.

How do affordable housing schemes work?

The most widespread is the New Build HomeBuy scheme (also known as shared ownership). It is government-funded, and allows buyers to buy part of a newly built property, normally a share of between 25 and 75 per cent, by taking out a fixed-rate mortgage with an ordinary lender and paying a subsidised rent on the rest. The rent is pegged to inflation and is reviewed (and usually increased) annually. Most schemes will cap the rent at some point.

Can I buy a smaller chunk of the home?

With some providers and developments. Under its Your Place scheme, Genesis Housing Group offers a 3 per cent stake to renters at the Factory Quarter in East Acton, West London, after a three-year occupancy. Tenants can then buy stakes of up to 9 per cent of the value of their home.

Can I buy any property through a New Build HomeBuy scheme?

No. The programme applies only to newly built homes on certain developments. Planning laws require developers to devote a percentage of larger new schemes to affordable housing. This tranche, up to 50 per cent of a development in London, is owned and managed by a housing association that sells some of the homes to first-time buyers and may keep others for council tenants.

What if I don't want to live in a new home?

The government-backed Open Market Homebuy scheme (also known as shared equity) allows you to buy a home of your choice with an “equity loan” that runs alongside a conventional mortgage. The schemes are operated by housing associations. The rules can be complex, differ with each deal and are prone to change. Housing Options, for example, is bringing out new products next month. At the moment its schemes allow you to take out an equity loan of 17.5 to 32.5 per cent of the value of the property. Larger equity loans are interest-free for five years, and the rate is then about 3per cent. The remaining mortgage can come from any high street lender if your equity loan is small. Those with larger loans may have to borrow the remainder under special deals from the Halifax, Nationwide, Advantage (a Morgan Stanley company) or Yorkshire Building Society. The rate on the Nationwide's Homebuy deal is 1 per cent over the Bank of England base rate, so you would currently pay 6.25 per cent.

Will I be able to own my home eventually if I buy through these schemes?

Under the New Build HomeBuy schemes, you can buy additional shares until you own all the property. This is known as “staircasing”.

What about selling the property on?

You can sell on the open market if you own 100 per cent of the property. Otherwise, your buyer is nominated by the housing association. If prices rise you will get more for your percentage stake but you will take a hit if they fall.

But will I qualify?

The rules vary, as some schemes are offered by local authorities and some by housing associations. Many schemes still help only key workers, but an increasing number give a helping hand to buyers from all walks of life. In London, you could be earning up to £52,500 a year and still be eligible. Most housing associations require buyers to have a permanent job and a few thousand in savings to cover solicitors' fees, mortgage fees and stamp duty. Priority is often given to those who live locally and are on the council's housing list. Some local authorities run a separate home ownership list. To improve your chances, try to get on both. Do not expect to qualify if you are struggling with debt, your rent is in arrears or if you have breached your current tenancy agreement.

How do I find out more?

Contact your local council or go direct to a housing association. In London, visit the Housing Options website, www.housingoptions.co.uk, which has schemes from two large housing associations - Tower Homes and Metropolitan Home Ownership.

Also try Notting Hill Housing (www.nottinghillhousing.org.uk), Genesis Housing Group (www.genesishomes.org.uk) and London & Quadrant (L&Q) Housing Association (www.lqgroup.org.uk).

Buyers in Kent, Sussex, Essex, Surrey, Buckinghamshire and Oxfordshire can try the HomeBuy website (www.homebuy.co.uk) which features homes from Moat, Thames Valley Housing Association and Catalyst Housing Group. Buyers in Merseyside should look at www.homeshub.co.uk.

THE RULES

HomeBuy is the Government's name for its affordable housing system. New Build HomeBuy and Open Market HomeBuy are open to key workers and to first-time buyers who satisfy the regional rules shown on our map, above. Social HomeBuy is open to council tenants. Here is how the various schemes work:

New Build HomeBuy

First-time buyers can buy a share of 25 per cent or more of a newly built home. A housing association or housebuilder will own the remaining percentage. The first-time buyer then pays rent on the percentage that he or she does not own, which can be up to 3 per cent per year of the property's remaining value. Buyers can increase their share over time (“staircasing”).

Open Market HomeBuy

1. Private lenders scheme

First-time buyers are normally expected to pay (with a mortgage) for about 75 per cent of a home that is for sale on the open market. One of the following lending companies - Halifax, Advantage, Nationwide or Yorkshire Building Society - will offer an interest-free loan for 12.5 per cent of the property's value, alongside the regular mortgage that you will take out. An interest-free government loan of up to 12.5 per cent of the property's value will complete the deal. No interest is charged on either of the loans for the first five years. After five years, interest of up to 3 per cent per year of the lender's loan will be charged. After ten years, interest of up to - but not exceeding - the lender's standard variable rate will be charged. Both loans must be paid back if the buyer sells the home.

2. Government-only scheme

The Government will lend first-time buyers up to 17.5 per cent of a property's value. This can be used alongside a regular mortgage or another deposit that the first-time buyer may have. There is no charge or interest on the loan, but the purchaser will share any increase in the property's value with the Government when they pay it back. The loan must be paid back if the first-time buyer sells the home.

Both Open Market schemes are administered through a HomeBuy agent, or a housing association that acts for the Government. If buyers decide to sell, they must have a valuation by a HomeBuy agent. Also, if they want to re-mortgage with a different lender, they need a HomeBuy agent's permission. Often, if they want to sell, the HomeBuy agent will nominate the buyer.

Social HomeBuy

This scheme allows council tenants to buy a share in their rented home. It is aimed at council tenants whose landlords do not participate in the right to buy or right to acquire schemes or council tenants who cannot afford to participate in these schemes. It works in the same way as New Build HomeBuy, with the tenant buying 25 per cent or more of the property and the landlord retaining ownership of the remainder.

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