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Housing Options for Waltham Forest Teachers
Other housing schemes
The London Borough of Waltham Forest Housing Advice Unit can also provide advice for people looking for a home in the borough. Contact them on 020 8496 6408 or visit LBWF's housing pages and follow the links to the Housing Advice Unit.
Below is a summary of the affordable housing schemes that are available through Housing Options. Full details can be found on the Housing Options website (opens in new window) or by calling 0845 230 8099.
New build homebuy
Through this scheme (previously known as Shared Ownership or part buy-part rent) you can buy a share in a brand new or refurbished home. You usually pay a mortgage on the part you own and a subsidised rent on the part you don't own. As your income rises you can increase the share you own, until you eventually own 100% and no longer pay any rent to the housing association. If you are a key worker you will be required to either sell the property or purchase all of the remaining share of the property within 5 years of leaving your profession.
Re-sales
These are Shared Ownership properties that were built and sold in the past that are now available for purchase on a part-buy, part-rent basis because the existing owners wish to sell.
Open market homebuy
Through this scheme you can chose a home of your own choice and we will contribute up to £50,000 (or £100,000 for some teachers) towards the purchase. You will not be expected to make any monthly repayments on the equity loan but will be required to repay the loan if you sell your home. If you are a key worker you will also be required to repay the loan, within 2 years, if you leave your profession and cease to be a key worker.
Intermediate rent
This scheme offers you the chance to rent a brand new or refurbished apartment at a subsidised rent. The rent charged is normally 20-30% lower than what you would expect to pay for a similar apartment in the same area. If you are a key worker the rent will cease to be subsidised if you leave your profession.
First-time buyers initiative/London-wide initiative
This option will be available from early 2007 but you can register your interest now. It will initially be restricted to key workers only. Through this scheme you can buy a share in a brand new home. You usually pay a mortgage on the part you own but you make no repayments on the part you do not own. When you sell the property or leave your profession, you will be required to repay the same percentage that the Government contributed, i.e., if 30% was contributed when you purchased, you repay 30% of the selling price when you sell.
More detailed information on each scheme will be provided later on in the application process.
