If you want to move quickly, you may also want to consider the following options:
Shared ownership is a scheme that allows someone to purchase a share in their property, while the remainder is retained by the housing association or private company.
So, if a property is valued at £100,000 and a customer purchases a 50% share, they would obtain a mortgage for £50,000 and pay rent on the other 50%.
Eastlands Homes does not have any shared ownership homes but many housing associations do - for more information contact the TSA on 0845 230 7000. Plumlife also provide shared ownership homes, click here to visit their website.
Low Cost Home Ownership
If you are interested in buying your own home, you can contact Plumlife Sales on 0161 447 5050 or visit their website by clicking here. Plumlife provide a one-stop-shop to market low cost home ownership schemes on behalf of Registered Social Landlords across Greater Manchester and Lancashire.
Mortgage Rescue Scheme
Plumlife have been appointed by the Government (Homes and Communities Agency) as a Homebuy agent in the North West. They can provide a shared equity loan, which means they will pay off a proportion of your mortgage. In return they receive a share in your property’s ‘equity’ (the market value of your home minus the outstanding mortgage balance). Plumlife will agree on the proportion, which could be between 25 and 75 per cent of the total mortgage. It will be based on the assessment of your household’s finances. This will reduce your mortgage to a more affordable level so you can continue to make repayments.
Plumlife may suggest a Government mortgage to rent, which means they will pay off your mortgage completely by buying the property. You’ll be able to stay in your home and make repayments to Plumlife as their tenant at a level you can afford. Applicants will need to meet the following criteria :-
· All owners of your home must agree to be considered for the Mortgage Rescue scheme
· Your household must earn less than £60,000 a year
· The value of your home shouldn’t be higher than £135,000
· You shouldn’t own a second home, including a home abroad
Telephone 0161 447 5050 for more information or click here to visit the website.
If you are a tenant of a housing association or council property, you can advertise your mutual exchange yourself. Good places to advertise your exchange are in local shops, post offices and libraries. Please remember, you must get permission from Eastlands Homes to take part in a mutual exchange.
It's also worth considering Homeswapper and Homefinder - click on the menu to the left for more information.
Use the Pinpoint service to look for more homes in the city and around Greater Manchester. It includes homes to rent from local councils, housing associations and private landlords. Go to http://www.pinpoint.org.uk/ for further information.
If you are a working household, with an income of less than £30,000 a year, you can join working extra and get the chance of rented homes reserved exclusively for workers. Go to Manchesterhomefinder workingXtra for more information.
To find details of local private landlords, look under lettings agents in the Yellow Pages or visit www.yell.com. The following schemes relate to private rented accommodation only.
- Rentwise: this is a scheme, which assists people who are unable to afford a deposit to access good quality, privately rented accommodation managed to standards set by the Council. The scheme works with a variety of small landlords and with some larger lettings agents. Once you have found a possible home to rent, Rentwise can liaise with the landlord on your behalf. The scheme does not have a ‘pool’ of properties, as it is not designed to be a housing list. However, Rentwise can offer help to you to access accommodation if you are in urgent housing need. Further information can be found at www.manchester.gov.uk/housing under private housing or call 0161 230 8879.
Manchester Council Re-housing Policy
Manchester Councils new re-housing policy come into effect on Monday 21st February 2011.
Band one is for people who have an urgent need to move.
Bands two and three are for people with a specif need to move.
Bands four and five are for people who want to move but don't have specific needs or level of need that puts them in higher bands.
Band six is a reduced priority band for people who don't live in Manchester and who have no connection to the city. Or if you have rent arrears or have broken a tenancy agreement. You go into this band if you have £60,000 plus or have assets or savings worth £75,000 or more.
For more details click here.
For more information on any of the above options, please contact Eastlands Homes or complete an online form with your query by clicking here.