Homebuy schemes

Cash incentive scheme

The cash incentive scheme offers grants to existing Council tenants in Tower Hamlets to buy a home of their own, therefore releasing their home to someone on the housing list. You do not have to pay this grant back.

Funds are limited, so we will usually only consider Council tenants living in Tower Hamlets who have a family-sized (i.e. two bedrooms or more) secure tenancy that we can offer as a permanent housing option to someone from the housing list.

Eligibility

You may be eligible for the scheme if:

• You have been a Council tenant for at least two years continuously
• You are living in a property with two or more bedrooms
• You only have one bedroom, but there is overcrowding or an urgent health reason for moving
• You owe less than six weeks' rent.

Preference is given to people currently living in larger properties or on the ground floor, especially those with gardens. Tenants suffering from severe overcrowding or urgent medical needs may also receive priority.

Cash incentive scheme leaflet guide (pdf 164kb)

How to apply

For more information about the cash incentive scheme and how to apply, please contact the lettings marketing and development team.

Cash incentive scheme application form (pdf 132kb)

Shared ownership

If you would like to own your own home, but cannot afford to buy, shared ownership could be for you.

Shared ownership allows you to buy a share of a house or flat, usually from a housing association, and pay rent for the remainder. Later, as you can afford it, you can increase your share until you own the whole property.

Priority is usually given to council or registered social landlord tenants, or those on the housing waiting list. The scheme is also open to key workers in the borough.

If you are interested in buying a new affordable home in Tower Hamlets or other parts of London, visit the next Affordable New Homes Show. This takes place on the 24th October 2008 between 12.00 noon to 8pm at the Connaught Rooms, Holborn.

Pid No: 158