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Affordable housing definitions

Affordable rented housing

Tenants living in this type of housing will have an assured tenancy. The government allows rent to be charged at up to 80% of open market rents, including service charges. Housing Benefit can still be claimed to assist with paying the rent.

Shared ownership

You purchase a minimum of a 25% share in a property from a housing association. You then pay rent on the remaining share, which is usually 3% on the value of that share when the home is first sold. Rent levels on resale homes can be higher.

Rent to save

You rent for a fixed period, up to five years, at up to 80% of the market rent for that property, with a fixed rate of inflation. A savings plan is put in place to help with a deposit. At any point during the tenancy you can purchase shared ownership or shared equity.

Help to buy

This is an equity loan where you purchase a minimum of 80% of the property with a mortgage and deposit. You need to be able to raise a minimum deposit equivalent to 5% of the value of the property. No fee will be charged on the loan for the first five years. After that you will pay a fee on each of the equity loans of 1.75%, rising yearly by the increase in the retail price index, plus 1%.