What do I need to know about the New Build HomeBuy scheme?

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Petter
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Joined: Thu Apr 21, 2016 9:44 am

What do I need to know about the New Build HomeBuy scheme?

Postby Petter » Fri Apr 29, 2016 1:20 pm

The New Build HomeBuy scheme could help you to buy a newly built property. You pay for a share of the cost of the property and pay rent on the remaining amount. Find out if you are eligible and how the scheme works.

New Build HomeBuy scheme – who can apply?

The New Build HomeBuy scheme is available for certain properties in some areas of England. Before you can buy a home through the scheme you need to be sure that you meet the eligibility criteria.

The scheme is run by HomeBuy agents, who can help you through the application process for buying a home on the scheme. HomeBuy agents are appointed housing associations – non-profit organisations that manage housing for people having difficulty buying a home.

New Build HomeBuy is open to households earning less than 60,000 a year who would otherwise be unable to buy a home.

You may be eligible if you are either a:

first time buyer

previous home owner who can’t now afford to buy without help (perhaps because you have broken up with your partner)

housing association or council tenant

key worker (a key public sector worker, like a nurse or teacher)

Follow the link below to find out whether you qualify as a key worker.


Who qualifies as a key worker

If you think you are eligible for help to buy a home through the New Build HomeBuy scheme, contact your local HomeBuy agent. If you are a key worker, you should contact the HomeBuy agent for the area where you work.

You can find your local HomeBuy agent by following the link below.

Find a HomeBuy agent in your area

How the New Build HomeBuy scheme works

Your local HomeBuy agent will assess your eligibility for the scheme and then look at the options available in your area. Through the New Build HomeBuy scheme you buy a share of a newly built property. The rest of the cost of the property is shared with a housing provider, like a housing association.

You’ll need to cover between 25 and 75 per cent of the cost of the property through a mortgage and/or savings. Then, you’ll pay rent on the remaining share of the property to the housing provider. The housing provider will set your initial rent at a maximum of 3 per cent of their share of the property (in the first year). Your rent will be reviewed each year.

In most cases you’ll still need some money to cover the costs of buying a house, like legal fees, any deposit, and possibly Stamp Duty.

If you are able to afford it, you can buy more shares in the property later. You’ll have to pay what the shares are worth at the time you purchase them.



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