House prices in London are rising and it’s getting harder and harder for Londoners to get onto the housing ladder. Most mortgage lenders require a minimum of 10% deposit, which is forcing households to move outside of London in order to be able to buy a home.
We offer accommodation at 65% discount against market rent for a period of three years. This creates affordable London living, which can help assist your household budget, and at the end of the three years you could receive a grant, the average being £26,000, to buy your own home.
Those living or working in Westminster earning less than £90,000, who qualify for intermediate housing and have saved up at least £22,500.
With the help of our funding, the amount you have to put towards your new home will increase in value to ensure you’ll have enough for a deposit on a property in London.
Yes, when you give notice, we will work out the amount of the Grant payable from the date of the notice. See our participation agreement for more detail on how we calculate the amount you'll receive.
The home is for the purpose of the Accelerator Scheme. The Tenancy is one term of three years only. We can then re let the home to another household who is in the same position as you were. The home you rent from us, cannot be purchased.
The maximum amount you could receive at the end of the three year term is £54,500, and the minimum you could receive is £20,900.
We want to make sure we put our homes to their best use and help as many people as possible. Therefore we want to make sure all rooms and bed spaces are occupied wherever possible. You can apply for a property that is larger than you need, but people who need the space will be prioritised.
All our homes are unfurnished as it helps to keep the rents low. It’s also an opportunity for you to put your personal mark on the home in which you live.
From the application stage and throughout the term of the tenancy, you will need to provide satisfactory evidence that you have savings of a minimum of £22,500 which will be used for the sole purpose of a deposit on a home.
We will ask you to pay some or all of the money back to us in the following limited circumstances. If within five years of buying a home: you do not live in the home you bought under the Scheme as your sole residence; you sell the home you bought under the Scheme and do not purchase an alternative property in Greater London; you purchase an additional property to the home you bought under the Scheme and do not sell the property you purchased under the Scheme first.
No. You have to be working and in the position to pay 100% of the rent without help from Housing Benefit.
The scheme is developed by Dolphin Living with support from City of Westminster.
