Main types of affordable housing

What are my affordable housing options?

There are various types of affordable housing in Broxbourne, aimed at those who cannot afford to rent or buy a home in the private sector.

Rented Schemes

The Council does not have any social housing of its own. These rented homes are owned by housing associations with rents set below market rents. The homes are normally let to local residents in housing need who are registered on the Council’s Housing Register. Housing need is defined in the Council’s Allocations Policy which can be accessed from the Housing leaflets and forms page. People waiting for a home are allocated points based on their medical circumstances, current housing situation, children etc. to ensure that those in the greatest need are housed. The homes are let through the Choice Based Lettings scheme.

Help to Buy Home Ownership schemes

These are schemes designed to help those in work and with at least 5% deposit to buy their first home but who cannot afford to buy on the open market. BPHA, the government’s Help to Buy agent for the east and south-east including Hertfordshire, has details of available homes and can advise on options. 

Shared ownership

This is also known as part rent part buy. You buy an initial share in a home owned by a housing association and can then buy further shares in the future. The housing association will offer initial shares of between 25% - 75% of the full purchase price. You pay a subsidised rent on the remaining share that the housing association still owns. The combined monthly cost of mortgage and rent will normally be less than if you were purchasing the property outright.

Help to Buy equity loan

Help to Buy offers an equity loan to help you to buy a new build home from a house builder who is registered for the scheme. The Government lends you up to 20% of the cost of your new-build home, so that you will only need a 5% cash deposit and 75% mortgage to make up the rest. The loan is interest free for the first five years. A guide to equity loans can be found here.

Further information

If you require further information about rented schemes please contact Housing Options on 01992 785570 or email housingoptions@broxbourne.gov.uk.

If you are interested in home ownership schemes you can also contact BPHA for advice on 03333 214044, or contact Housing Policy by email housingpolicy@broxbourne.gov.uk.