HOW DO I QUALIFY FOR THIS SCHEME?
- Your gross annual household income (combined) must be less than £80,000 per annum
- You must have a local connection to the area - meaning that you must have lived in the area recently or have a family member who needs your care and support living in the area
- You currently don't own your own home or have any financial interest in another residential property
- You must legally be allowed to own a home in the UK
HOW IT WORKS
When purchasing a home using the discount market scheme, your price will be capped at 80% of the open market value of the property, and the remaining 20% will be held in perpetuity by the local council.
Market Value £200,000
Price you pay: £160,000
Discount (20%): £40,000
If you were to re-sell the property, first you must offer the sale to the local council, for a price not more than 80% of the open market value.
These homes are not available to investors or buy-to-let parties.