Isle Of Wight

Other Housing Options

Due to the high demand for affordable housing on the Island, it is likely that some applicants may not be housed through Island HomeFinder. From time to time, different housing options may be advertised on Island HomeFinder. You are not obliged to express an interest in these properties, but it may be an option to consider. Housing options include:

• Private rented sector
• HomeBuy (shared equity)
• Discounted sale
• Intermediate rented
• Part buy / part rent (shared ownership)

Private rented sector

Private rented properties are homes owned by a private landlord seeking tenants. Tenancies are offered on an assured shorthold tenancy.

HomeBuy (shared equity)

HomeBuy provides equity loans to help first time buyers purchase selected new build properties.  The purchaser must be able to take out a mortgage to cover at least 70 per cent of the price with an equity loan covering the remaining 30 per cent. 

Discounted sale

Discounted sale housing are homes that have a simple discount for the purchase on the market price, so the purchaser buys the whole home at a reduced rate. 

Intermediate rented

Intermediate rented properties are homes owned by a housing association but offered to rent at 20 per cent less than the current market value. Unlike other housing association properties these are let on an assured shorthold tenancy.

Shared ownership

Shared ownership is a part buy/part rent affordable way to get onto the housing ladder. You must be able to raise a mortgage for a percentage of the property with the remainder being owned by a housing association, for which you will have to pay a subsidised rent.

For more information on these other housing options, please contact Homes in Hants on 02380 628004 or visit www.homesinhants.co.uk