Kickstart: combine owning and renting in an affordable way
What is Kickstart?
Kickstart is a shared ownership scheme, in association with Legal & General Affordable Homes, designed to help people on to the property ladder. It’s available to first time buyers, those with growing families and other individuals who want to get on the property ladder affordably.
Subject to availability eligible buyers can buy up to 75% of an energy-efficient, brand-new home and pay a subsidised rent on the remaining share.
You could buy for example a 50% share of your chosen home which means you would pay a lower upfront deposit on the share that you buy and pay rent on the remaining share.
What are the benefits?
It can be a more affordable way to purchase a new home because you start by buying a share of the home, this means:
- Your deposit is lower – your deposit is based on the share you buy, not the entire property price
- Your mortgage is smaller - your mortgage is based on the share you buy, not the entire property price
- You can buy extra shares if and when you would like to - you can own 100% of your home over time
Are you eligible?
You could be eligible for Kickstart if:
- Your household income is less than £80,000 (£90,000 in London)
- You can afford the monthly costs
- You can save enough for the deposit and other one-off costs
- You can get a repayment mortgage with a recognised lender
- You must not own a property – either in the UK or abroad - or be in the process of selling your home
Search for a development near you below, and speak to one of our Sales Advisers to find out more about the scheme today.
Kickstart is available on selected plots and is subject to availability. Click here for the full terms and conditions.
Kickstart FAQs
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- You must be at least 18 years old.
- Your annual household income must not exceed £80,000 (or £90,000 if you live in London).
- You must have a good credit history; the better it is, the more likely you’ll be accepted onto the scheme.
- You will also need the deposit amount, usually, between 5-10% of the share you are purchasing, in savings.
- You can get a repayment mortgage with a recognised lender
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- Choose your energy-efficient, brand-new home at your chosen development.
- Our expert Sales Advisers will explain how Kickstart works.
- Checks will be carried out to make sure you are eligible.
- We’ll help you to apply for the Kickstart scheme.
- Once you’re approved you can reserve your new home.
- We’ll support you through the buying process.
- You move into your brand-new home.
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These rents are reviewed upwards annually, so the maximum your rent will go up by each year, is by any increase in the Retail Prices Index (‘RPI’) (during the previous 12 months) + 0.5%.
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Once you’ve bought a portion of a Shared Ownership property, you have the opportunity to increase your share later on – in a process known as “staircasing”. Over time you could increase your share to 100%.
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Yes, you don’t need permission for decorating or simple repairs, however you would need to get permission for larger works to ensure it does not affect the structure of the building. Please ask your Sales Adviser for further information.