Affordable home ownership schemes aim to make buying your first home, or moving to a more suitable home, more accessible for people who otherwise could not afford to buy a property on the open market.
Wigan Council believes that everyone should have to opportunity to buy and live in a safe, quality home which they can afford.
In delivering our Progress with Unity missions of creating fair opportunities for all, and making all our towns and neighbourhoods flourish, we are committed to ensuring there is a range of affordable home ownership options for our residents across the borough.
Affordable home ownership options
There are various types of affordable home ownership schemes available.
Registered Provider / Housing Association schemes
Wigan Council schemes
Additional schemes
- Right to buy (only available for Council tenants to buy their homes)
Tips on buying a home
Buying a property is a big decision. There are several things you may want to think about when looking to purchase a new home:
- Choosing the right home: You should look into what property would suit your needs, and what scheme might work best for you. You may also want to consider when you are able to move in, and whether you would prefer a new build or not (some schemes keep properties affordable in perpetuity so you might not be the first owner)
- Mortgage affordability: When applying for a mortgage you need to check how much you are can borrow from providers, and the affordability of the monthly repayments. This will help you decide what affordable scheme will suit you. A qualified financial advisor will be able to assist you in evaluating your mortgage affordability
- Getting a deposit: Mortgage providers will ask you to pay a lump sum towards the cost of the property. This is usually at least around 10-15%, however many affordable home ownership schemes let buyers use a lower 5% deposit. You should check with the scheme provider what their minimum deposit requirements are. If you’re saving for a deposit, you might want to look at opening a Lifetime ISA (external link)
- Other additional costs: such as solicitor’s fees, stamp duty, valuation fees, legal fees
- Running costs: once you own the property, you will usually be liable for any repairs and maintenance work, and the associated costs. Other costs, such as ground rent, service charges, insurance, etc. may also apply
- The process of buying a house: Depending on the scheme you choose either the registered provider or Wigan Council can help you throughout the process and guide you through the steps you need to take to purchase your new home.
Affordable home ownership for older people and people with disabilities
- Older Persons Shared Ownership (OPSO) is a form of Shared Ownership available for persons aged 55 or over. Under the scheme buyers can buy up to a 75% share, and once you own 75% you do not pay rent on the remaining 25%
- Home Ownership for people with long-term disabilities (HOLD) is a form of Shared Ownership that works a lot like standard Shared Ownership schemes, however it is designed to help disabled people into affordable housing if there are no existing shared ownership properties available which would be suitable. HOLD enables the buyer and housing association to purchase a suitable home on the open market to put into shared ownership.