Property Buying Guide
New Build HomeBuy
HomeBuy is the umbrella name of the government schemes to help first time buyers. The HomeBuy scheme is primarily, but not exclusively to help key workers or those considered to be in housing need. HomeBuy is available to households where the anual income is below £60,000, irrespective of whether you are key workers or not.
There are three different HomeBuy schemes.
The several main HomeBuy schemes are:
New Build HomeBuy UK where you buy a share of a property from a housing association, typically 50%, and pay rent on the rest. This was previously known as shared ownership.
Open Market HomeBuy UK where you buy 75% of a property yourself and the remaining 25% with the help of an equity loan. This type of ownership is known as shared equity. This scheme has been withdrawn.
Social HomeBuy UK is where housing association and local authority tenants are given the opportunity to buy a share in their home at a discount.
Rent to HomeBuy where you rent a property at a discount and over time pay into a fund which becomes your deposit if you go on to want to buy it.
HomeBuy Direct which is a shared equity scheme for new build properties.
The government also offers equity loans without shared equity restraints to selected personel.
New Build HomeBuy and Open Market HomeBuy (suspended) are schemes that are also available to first time buyers with household incomes of £60,000 or less.
New Build HomeBuy Agents have been appointed across the UK. HomeBuy agents know who will be eligible for New Build HomeBuy properties. Whether or not you are a key worker, HomeBuy might be available to you. Whichever way you move forward to buy your first home you should take first time buyer mortgage advice at the outset.
There is a great deal more information about New Build HomeBuy, shared ownership, how to find out if you are a key worker or eligible and how to contact your local HomeBuy agent in our shared ownership guide. The guide takes you to a list of HomeBuy agents.
To buy a New Build HomeBuy property you will need a HomeBuy mortgage which is a shared ownership mortgage.
Contact a mortgage advisor who can help you with HomeBuy mortgages - or any other first time buyer mortgages. They will offer you broad based first time buyer mortgage advice.
Some local shared ownership New Build HomeBuy agents:
Find your local HomeBuy Agent.
Most useful and most popular pages on this site:
Look for your First Property l Seek First Time Buyer Mortgage Advice l See our Best First Mortgages Comparison Table l Find out about First Time Buyer Mortgages l Find out How to Buy a House l Learn all about The First Time Buyer Mortgage l Shared Ownership
Other
useful websites:
www.communities.gov.uk – the government's main site with information about housing
www.direct.gov.uk – offers a range of government information and services, including for housing
www.homesandcommunities.co.uk – for more information about housing associations
SmartNewHomes has a great map for first time buyers of offers, HomeBuy Direct, New Build HomeBuy and other discounts and deals.