What is Housing Options?

Metropolitan Home Ownership (MHO) and Tower Homes are the two HomeBuy Agents who operate in London. Together we work in partnership to provide a one-stop shop for registration and application for all affordable homes across London. This partnership is called Housing Options, to view the web site go to www.housingoptions.co.uk.

What is the process of registering for these properties?

Once you have submitted your Housing Options application form, we will send you a letter detailing what you are eligible to buy. Equipped with this information you can then begin your search of affordable homes across the capital. If you are predominately interested in new build homes, you can begin your Property search now.

What happens when we want to sell our share?

MHO can help you sell your share on to someone else who is eligible for affordable home ownership. For more information contact our Resales department on 020 8920 7633.  

Can we increase the share that we own over time and if so when can it be done?

Most part buy, part rent leases allow leaseholders to buy a further share in their home, until they own it completely and this process is known as staircasing. If a 100% share is purchased then no rent will be payable.

Once you have completed a further staircasing your rent will be reduced, and this is calculated with respect to MHO’s remaining percentage after staircasing. All service charges will remain. Once you have completed the final staircasing to 100%, your rent and management fee will completely cease and all service charges will remain.

The main advantages of Staircasing are that you will eventually own the full 100% share of your property and your rent charge will completely cease. On 100% ownership MHO relinquishes its equity share in the property.

How long does the whole process take?

If you are buying a home on the open market the process can take up to 4 months. The process of purchasing a new build property can take as little as 28 days, however if building work has yet to be completed on the development this may lengthen the process.

How much money am I eligible for to purchase on the open market with Open Market HomeBuy?

It is not possible to comment on the amount a person may be eligible for without knowing details of income, expenditure, debts and savings. Once your application has been submitted through Housing Options you will be notified of the figure you are eligible for.

How do I contact other Housing Associations?

The Housing Options website www.housingoptions.co.uk  enables you to view properties from all Housing Associations across London.

Can I only apply for properties in the borough I live in?

For new build properties each development will have its own funding stream which will determine who is eligible to buy there. In most cases you will have to either already be living or working in the borough you are applying in. However, If you are a key worker you may be eligible to move into any London borough but again this will be depend on the individual development. In a few cases homes can become available to other applicants outside the borough so it is worth registering an interest even if you do not meet the initial eligibility criteria. 

What is Sharia mortgage?

A Sharia mortgage acknowledges that conventional mortgage loans are interest based, which is in conflict with Islamic Principles, and therefore disallowed by Shariah. If this is something you are interested in please contact us for more information.

How long do I have to wait for my application to be processed

Once we have received your application we will process it within 4 working days. We may need to contact you for more information before we can let you know if you are eligible for either New Build HomeBuy or Open Market HomeBuy but we will always contact you within 4 working days.

How much will the monthly repayments be?

Monthly repayments will vary depending on the purchased property value and share purchased. For example a property valued at £170,000 at a 25% equity share means your monthly mortgage will be approximately £260, your monthly rent will be approximately £320.

Am I eligible?

Eligibility varies across products and developments. See Your options for more information.

What is a key worker?

Key Workers are defined as:

• NHS Staff
• Teachers
• Metropolitan Police
• British Transport Police
• Prison Service Staff
• Probation Service Staff
• Fire & Rescue Service Staff
• Some Local Authority Staff

• Ministry of Defence Staff (key worker status only for New Build HomeBuy and Intermediate Rent) 

Will I need a deposit?

For New Build HomeBuy you do not require a deposit but you must be able to cover stamp duty, legal fees and any costs involved in buying a home. For Open Market HomeBuy you will usually require a deposit of 5%.

Should I go to my bank right now to arrange a mortgage, so I’ll be ready as soon as I find a property?

We advise you to wait to speak to one of our independent  financial advisors before making any financial commitments.

Do the Housing Associations contact me or do I contact them?

As with any property search, it is down to you to contact any Housing Associations that operate in the area you are looking to move to especially if you want to ensure a reservation before the properties sell out. However, once you have submitted a Housing Options application and are registered on the database Housing Associations can then request your details and contact you with relevant property information.