At Hyde, we recognise that as London house prices continue to rise disproportionally to incomes, many shared owners will find it difficult to purchase their second home and move into full home ownership.
We are aware that some of you may wish to move on due to individual circumstances and Hyde is therefore introducing Second Steps; a Do-it-Yourself Shared Ownership scheme aimed at our existing shared owners in London. The Hyde Group and the Greater London Authority (GLA) are working together to help you buy a home from the open market, on a shared ownership basis and we have a limited amount of funding from the GLA to deliver this pilot scheme.
Subject to eligibility and a financial assessment, applicants can purchase a share in a house in any London Borough up to a maximum value of £395,000. This provides you with the opportunity to move on and buy a house suitable to your current need still on an affordable shared ownership basis. At the same time as buying a home via Second Steps, Hyde will market and sell your property to another first time buyer eligible for shared ownership. You will be able to use the equity from the sale of your existing home to fund the purchase of your new Second Steps property.
If the Second Steps product proves extremely popular, priority will be given to customers seeking to move due to overcrowding.
If you want to move but thought it was out of reach and if this exciting opportunity is of interest, please read the eligibility criteria set out in our Second Steps Guide and if you meet the stated eligibility terms, please complete the online application form on the Hyde New Homes website and register your interest.