Housing options for school-based staff
All school-based staff are eligible to register for schemes offered through Housing Options.
All qualified teachers are eligible to register for the London Wide Initiative scheme and take priority in other schemes.
The schemes provide a mixture of affordable accommodation to both buy and rent - many more schemes are in operation to help people to buy property with fewer schemes on the rental side.
Buying and/or rental schemes
- First Time Buyers Initiative - This enables aspiring first time buyers, who cannot otherwise afford to buy a new home, to purchase a new property with an affordable mortgage and with Government assistance on a designated FTBI development.
- HomeBuy Direct - This helps first-time buyers to buy a home directly from a property developer with the help of an equity loan of up to 30% of the property market value; no interest is payable on the loan for the first five years.
- Intermediate Renting - This is available through Housing Associations. Intermediate Renting is where the rent is set at a level between that charged by social and private landlords (generally around 80% of private rental charges).
- London Wide Initiative - Under the London Wide Initiative (LWI) scheme, the Government funds and retains part of the property, but purchasers do not have to pay anything to finance the Government's stake.
- MyChoice HomeBuy - This is a scheme that offers equity loans of up to 50% of the value of a property to help key workers buy a home on the open market.
Please note that this scheme is currently suspended to new applicants, due to the funding for the 2009/2010 financial year having been allocated.
- New Build HomeBuy - Formerly known as Shared Ownership, New Build HomeBuy is available on new homes built by Housing Associations – you buy a percentage of the home and pay a reduced rent on the remainder.
There may also be some New Build HomeBuy/Shared Ownership properties available, where the existing owners wish to sell.
- Ownhome - This scheme is a partnership between the Co-operative Bank and Places for People – you buy at least a 60% share in a property through a Co-Operative Bank mortgage, with the remainder funded through a Places for People equity loan.
Please note that this scheme is currently suspended to new applicants, due to the funding for the 2009/2010 financial year having been allocated.
- Rent to HomeBuy - This scheme allows you to rent a new build home at a discounted price (minimum of 20% discount), on an assured shorthold tenancy, of up to five years; when you are ready, you can buy your home on New Build HomeBuy terms.
- Social HomeBuy - This is a scheme where eligible public sector tenants of participating councils/Housing Associations buy their council or Housing Association home on a part buy, part rent basis, with a discount on the initial purchase price.
- UpToYou - This new scheme allows you to rent or buy a home, as and when you want; if you can't afford to buy now, you can rent on an assured shorthold tenancy, at a subsidised rent - you can rent for as long as you want or, after six months, you can choose to buy a share of your home, receive 5% of the equity free and continue renting the remainder. Please note that this scheme has not yet been launched; Housing Options will be doing so shortly.
For more information, refer to the Housing Options website at www.housingoptions.co.uk
Applications
Renting through Housing Options or buying
If you would like to be considered for rental accommodation in Lambeth or neighbouring London boroughs (either as a Lambeth teacher, or a teacher who works in a neighbouring borough, but lives in Lambeth), or to register for one of the Homebuy schemes, please go onto the Housing Options website, or contact the Enquiries and Application Team at London and Quadrant (formerly Tower Homes):
70 Court Road
Eltham
London
SE9 5NP
Tel: 020 8294 5000
Email: eateam@lqgroup.org.uk
Lambeth no longer keeps a list of staff looking for housing, as housing associations now make their properties known through Housing Options, rather than coming directly to Local Authorities to fill them.
Details of any properties that Housing Options make known to Lambeth will be notified to all schools through the Bulletin (Blue Bag).
Renting through local estate agents
All school-based staff can, of course, use any local estate agent in order to find property.
Below are links to a number of agents with properties in the local area (all links open in new windows):