HomeBuy - Shared and Low Cost Home Ownership
If you want the opportunity to own your home, there are a number of options for you through both shared ownership and low cost ownership.
HomeBuy is the Government's affordable home ownership scheme, offering part rent/part buy options.
Help to Buy South West is the Government appointed HomeBuy Agent for our area, and provides a 'one-stop-shop' service for home ownership opportunities.
What are some of the options?
- This is a part buy/part rent scheme;
- Homes can be flats or houses but must be new builds;
- You can usually buy a share between 25% and 75% of the market value;
- You need a mortgage for the part you buy and will pay rent to a Registered Provider (Housing Association) for their share;
- You can usually buy additional shares at a later date until you own 100% of your home.
- You buy 100% of your home, but only have to cover 70% with your mortgage and deposit;
- The remainder is covered by an equity loan;
- There is nothing to pay on the loan for five years. After that there is a small charge which increases each year.
Rent to HomeBuy
- Only available on selected new developments;
- You rent a new build home for a period of time from a Registered Provider and are then expected to buy a share of it through the shared ownership scheme at the end of the rental period.
- This enables you to save for a deposit while renting a home.
- This is an affordable housing deposit assistance scheme aiming to make more new affordable homes available.
Am I eligible for the scheme?
You will be eligible for the scheme if:
- Your household income is less than £60,000 per year;
- You are unable to afford to purchase a home;
- You can access savings or sufficient funds to pay a deposit and other costs of moving;
- You are not a homeowner or named on a home mortgage;
- You have a good credit history.
How do I apply?
Find out about low cost home ownership options and find out if you qualify, go to the Help to Buy South West website. You can apply via the website as well.