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
• Affordable rented
• Discounted sale
• Intermediate rented
• Part buy / part rent (shared ownership)
• HomeBuy (shared equity)
Private rented sector
Private rented properties are homes owned by a private landlord seeking tenants. Tenancies are usually offered on an assured shorthold tenancy. You are likely to be required to pay money up front for referencing fees, rent in advance and/or a deposit and may also have to be able to provide a guarantor.
Affordable Rented properties are owned and managed by housing associations and are offered at a rental level 20% cheaper than private rented. They are initially for a fixed term of six years (where an initial one year starter tenancy is also offered) after which time a review will be carried out to see if the home still meets the tenant's needs. If so, another fixed term five years will be offered. If not, six months notice will be given together with advice and assistance on how to find a new home.
Given the higher rents being charged for this tenure the housing associations may give preference to applicants who are financially dependent ie) in paid employment or receiving a pension but not receiving any state benefits or pension credits. They may also require credit reference checks, payments for deposits and rent in advance.If this is the case it would be noted in the full marketing details of the property advert.
A copy of Southern Housing Group's affordable rent information can be found here.
HomeBuy (shared equity)
The Help to Buy Equity Loan scheme is available to both first time buyers and those that have bought a property before. If you have a minimum of a 5% deposit and want to buy a new build home, you may be able to access the Help to Buy Equity Loan scheme. You will need to be able to take out a mortgage for 75% of the value of the property and the remaining 20% will be funded by the government. See the Help to Buy South website (see below for details)
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 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.
Given the higher rents being charged for this tenure the housing associations may give preference to applicants who are financially dependent ie) in paid employment or receiving a pension but not receiving any state benefits or pension credits. They may also require credit reference checks, payments for deposits and rent in advance. If this is the case it would be noted in the full marketing details of the property advert.
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. You will also need to fund legal fees for purchasing the property and there may be other associated costs to consider such as a deposit and stamp duty.
For more information on the other housing options where purchase or part purchase of a property is involved, please vist the Help to Buy website at https://www.helptobuyagent3.org.uk/.
You may also wish to consider other housing options which are not advertised through Island HomeFinder which may include:
Private rented, affordable rented or intermediate accommodation advertised privately.
HomeShare is for householders (property owners or people in rented accommodation with permission to share) who have spare space in their homes and who are looking for someone to share their home with. In return the home sharers offer some of their time in helping the householder to live independently (but not providing any care) and can also benefit from the companionship that home sharing offers.
Householders and home sharers are 'matched' by HomeShare Co-ordinators who will broker an agreement for living together which benefits them both equally.
If you are a householder aged 50+ and would like some companionship and help with everyday tasks at home to help you, or if you are aged 18+ and looking to home share with someone and can offer them support you can find more information on the HomeShare website at http://www.housingcare.org/service/ser-info-12751-homeshare-isle.aspx
If you are currently on the Island HomeFinder housing register, taking up a HomeShare option may not affect your current banding depending on your circumstances. You can therefore still remain on the register waiting for social housing even though you have taken up accommodation through HomeShare. HomeShare may therefore be an option for you in the medium term while you are waiting for more permanent housing.