Cash Incentive Scheme 

 

The scheme gives tenants money towards the cost of buying a home anywhere in the United Kingdom in exchange for their existing tenancy. Grants can range from £18,000 to £29,000 and don't have to be paid back.

The Cash Incentive Grant Scheme has two benefits:

  • By helping tenants buy a home elsewhere, we can relet their home to others in housing need.
  • Many of our tenants want to buy a home of their own choice but did not have enough money. The grant scheme allows us to give money to help some tenants bridge the gap.

Every April the government gives us funding for the scheme. All grants depend on the money we receive and are allocated on a first come first served basis. Its best to apply early on in the year.

Download Application Letter

 

Wealth Warning

 

Buying your own home is a major financial commitment. Please bear in mind important points when deciding whether to buy.

  • If you are depending on a grant to buy you should not commit yourself until you have been told you qualify for one
  • Buying a home does not guarantee financial success
  • Recent experience shows that property values can come down as well as go up. Not all owners have been able to resell their homes
  • You should seek professional advice, including a structural survey before buying your home

Download Application Notes

 

How do you qualify for a grant?

 

If you can answer yes to the following questions:

  • Are you a secure tenant of Barnet Council?
  • Have you been a secure tenant of Barnet Council for two or more years?
  • Are you living in a home with two or more bedrooms?
  • Have you a good record of rent payment and no rent arrears now?
  • Have you paid all your bills to the Council (for example Council Tax)?
  • Is your home in good condition, can we re-let it straight away?
  • Can you afford to pay for the costs of the deposit, your survey and legal fees?

We also consider whether you can realistically afford to buy your own home.

You can buy with someone you don't live with.

Property Condition Standard 

 

You will not qualify for a grant if:

  • You own all or part of a residential property.
  • You are registered bankrupt.
  • You have a current court order against you for a debt repayment.
  • Your home is not used by the Council for general housing needs.

Download Application Form

 

The cost of owning your own home

 

The costs of owning your own home are different from renting. Please discuss these in detail with your mortgage lender or financial adviser. You will need to know the monthly mortgage repayments and allow enough money for future repairs, maintenance and insurance costs.

 

If you are buying a flat or maisonette, you also need to know how much you are likely to pay for service charges.

 

For further information and an application pack please call Barnet Homes, Home Ownership Services 020 8359 4147 or email us at homeownership@barnethomes.org