Q. What happens if I find a home to buy before the three year tenancy has ended? Do I still get the Grant?
A. 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.
Q. Are the rental homes furnished?
A. 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.
Q. We love the home we are renting from you, is there the option to buy it?
A. 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.
Q. I have £10,000 in savings but my parents say they will give me the rest – can I still apply?
A. 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.
Q. Is there a minimum and maximum grant?
A. 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.
Q. Is there a catch?
A. 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.
Q. I am a single applicant, can I apply for a 2 bedroom property?
A. 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.
Q. I am in receipt of Housing Benefit, am I eligible for the Scheme?
A. No. You have to be working and in the position to pay 100% of the rent without help from Housing Benefit.