Other options for you
There are a number of other housing options available to help you find a new home.
Help to Buy
This Government initiative makes it possible to buy a new-build or existing home priced up to £600,000 with as little as a 5% deposit. You can find more information below and full details of the scheme on the Help to Buy Midlands website.
Right to Buy
If you are an existing tenant, you may be interested in buying your home. You can find more details on the Right to Buy scheme below.
If you are homeless or threatened wih homelessness, it is important you seek advice as soon as possible. Homelessness services are provided by Northampton Borough Council.
You can contact their Housing Options team on:
- 0300 330 7000
- or visit the One Stop Shop to discuss your situation.
Further information is available on Northampton Borough Council's website.
Click on the sections below for other important information.
What is Right to Buy?
Right to Buy allows most council tenants to buy their council home at a discount. This applies to NPH customers because Northampton Borough Council still owns the properties that NPH manage.
Who can apply?
To qualify, the property must be your main home and self-contained. You must also have held a secure or flexible tenancy with a public sector landlord (council, housing association or NHS trust) for at least three years, although these do not need to be continuous.
Use the eligibility checker on the Right to Buy website to find out if you can apply.
Right to Buy applications can be refused if:
- the tenant has been served with an eviction order
- the property is sheltered accommodation
- the property is deemed suitable for the elderly
- the tenant is subject to an undischarged bankruptcy, has a bankruptcy petition pending, or has an ongoing formal arrangement with creditors
- the tenancy is held in connection with your job
How much is the discount?
The maximum discount is £77,900 across England, except in London boroughs where it’s £103,900. It will increase each year in April in line with the consumer price index (CPI).
The discount is based on:
- how long you’ve been a tenant with a public sector landlord
- the type of property you’re buying - a flat or house
- the value of your home
If you are making a joint application, the number of years is counted for the tenant who has held a public sector tenancy for the longest. You will usually have to repay some or all your discount if you sell your home within 5 years. You may get a smaller discount if you’ve used Right to Buy in the past.
For a House/Bungalow:
- Discount starts at 35% increasing 1% each year up to a maximum of 70%. Tenants must have spent 40 years to receive the maximum percentage.
For a Flat/Maisonette:
- Discount starts at 50% increasing 2% each year up to a maximum of 70%. Tenants must have spent 15 years to receive the maximum percentage.
The maximum cash cap is £77,900 and is linked to the Consumer Price Index figure, meaning that this figure will change annually. If you have any questions about the Right to Buy scheme, please contact – Shabnam Tasker on 01604 838160 or you can find more detailed information here.
Low Cost Home Ownership
Help to Buy Midlands are the agents appointed by the government to promote a range of home ownership products developed to make it more affordable for you to buy a home
Help to Buy schemes are mainly aimed at first time buyers who can’t afford to buy a home that suit their needs on the open market, however, they also have an equity loan scheme that is available for anyone who needs help moving up the housing ladder.
Help to Buy Midlands can be contacted on 0345 850 2050 for help choosing the right scheme for you. They, however, cannot give you financial advice. We recommend that you speak to a qualified Independent Financial Advisor before progressing with any low cost home ownership schemes.
Help To Buy Shared Ownership
To be eligible for this scheme you must:
- Not be able to afford a home on the open market
- Be at least 18 years old
- Be a first time buyer, or have a housing need
- Have a household income of less than £80,000 per year
- Have a good credit rating
- Have savings of at least £1,500 to cover the one-off costs of buying a new property, and a deposit of at least 5% of the share you are buying
This scheme allows you to buy a property in stages on a part buy/part rent basis. The share that you buy can be between 25% and 75%. You would then pay a subsidised rent for the remaining share. The share is worked out according to what you can afford. The bigger the share you buy, the less rent you have to pay, and if you only buy a small share, you’ll have a small mortgage. You will need to find a conventional mortgage from a lender for the share you want to purchase, unless you have sufficient savings of your own to buy the share outright.
Help To Buy Equity Loan Scheme
- Available to first time buyers who are finding it difficult to save for a deposit, and anyone who needs financial assistance to get on the housing ladder
- Helps you buy a brand new property with an equity loan of up to 20% of the full price of a property
- You don’t have to pay any interest charges on the loan for the first 5 years, and will own 100% of the property from the start. From the 6th year, however, you start paying a small monthly fee
- You will need to find a conventional mortgage from a lender for at least 80% of the purchase price
- If you already own a property, either in the UK or abroad, you will have to sell it as you cannot own two properties if you want to buy a property via this scheme