New Build HomeBuy

What is New Build HomeBuy and how does it work?    

New Build HomeBuy is a part-buy/part-rent scheme offering you the opportunity to buy what you can afford now so you don't overstretch yourself financially. It also allows you to increase the stake you own in your newly-built property when you can afford to do so.

Homes are sold as leasehold properties on shared ownership terms – they can be flats or houses; newly built or occasionally newly refurbished. You can purchase as little as 25% and up to a usual maximum of 75%. You will need to be able raise a mortgage for the share you want to purchase, and you will pay a subsidised rent on the share you don’t own. Total monthly payments offer an affordable option to help you on to the property ladder.

You can buy additional shares at a later date until you own 100%. This is known as ‘staircasing’. When you want to sell the property you can sell the share you own through your housing association allowing further households to benefit from low-cost home ownership. The property is resold at market value and you will benefit from any equity which has built up on the share that you own.

Who is eligible and what are the selection criteria?     

All key workers, existing social housing tenants and those in priority housing need.

Anyone who cannot afford to buy a suitable home on the open market can apply for New Build HomeBuy. However priority will be given to council and housing association tenants who will need to move out of their rented homes if they purchase a New Build HomeBuy home.

How do I apply?   

Register with your HomeBuy Agent to complete a full application and to receive more information on New Build HomeBuy.     
          
          

HOLD

Home Ownership for people with long-term disabilities.

People who have long-term support needs or disabilities may benefit from living in a specific type of property or location. To meet their housing requirements, there are opportunities for homes to be selected on the open market which are purchased by a housing association and sold on to them individual on shared ownership terms. For further details about housing associations operating this scheme contact your HomeBuy Agent.

 

Other information     

New Build HomeBuy has traditionally been known as Shared Ownership, Part-buy/Part-rent.

Applicants applying for New Build HomeBuy will automatically be sent details of available properties for Resale.

To Register/Apply click here

Article Date: 01/04/2008