Finding a place to live

Once you’re planning on working in Hertfordshire, a place to live should be next on the list. You may want a rental while you look around, or perhaps a supported housing or housing association initiative would be an option.

Supported housing

There’s a range of ways to help you buy property in Hertfordshire:

New Build HomeBuy

This is a part-buy/part-rent scheme operated by the local council to key workers. It allows you to buy a share in a home (usually via a mortgage) and pay a reduced rent on the part you don’t own. You can buy extra shares as your finances improve until you own the property outright.

Open Market HomeBuy

A HomeBuy equity loan will bridge the gap between what you can afford with a mortgage, and the full price of your home. You can apply for an equity loan secured as a second charge against the property you are buying. Please note that the details of this scheme are subject to change from time-to-time.

First time buyers’ initiative

This shared equity scheme allows you to take on a mortgage for at least 50% of the total market price, with English Partnerships keeping the remainder of the unsold equity. After three years, you’ll pay a rent to English Partnerships based on the percentage you don’t own.

Re-sales

It is possible to take over a shared equity property if one comes up for sale. Basically, you’ll simply purchase the share percentage that the vendor is selling with a mortgage and pay reduced rent on the remainder. As with similar schemes, you might also be able to buy further shares until you own it outright. This process, called ‘staircasing’, isn’t available until a year after the purchase. On fixed equity re-sales, you’ll find that, although you won’t need to pay rent on the share that isn’t yours, you won’t be able to staircase either.

For more information, contact Lea Valley Homes on 01582 869 440, or visit leavalleyhomes.co.uk.

Intermediate rent

Renting in Hertfordshire is easier than you think. More affordable than private renting, intermediate rent is a government funded scheme for key workers that offers rental properties at about 75-80% of market rates. Tenancies are Assured Short Hold and linked to your key worker employment.

Hertfordshire Constabulary also has a portfolio of shared accommodation available to rent to Police Officers at below market value.