Property Buying Guide
What is New Build HomeBuy?
New build HomeBuy is the Government's shared ownership scheme for first time buyers. Shared ownership is where you buy part of a property and rent the rest from a landlord, usually a Registered Social Landlord (RSL). Many RSLs are housing associations or housing trusts and the properties have usually either been renovated or built by them. The schemes are usually funded by the Government through the Department of Homes and Communities.
Some RSLs offer non-government-funded schemes, which run along the same lines, as do some private developers and building societies.
To buy a new build home you will need to seek mortgage advice to see what percentage of the property you can afford. Stamp duty may not be payable unless you purchase at least 80% of the property.
To find out what schemes are being run in your area, contact your local HomeBuy Agent.
More about new build HomeBuy and shared ownership in our guide:
Who is eligible and what are the selection criteria? l Special features and how to apply l What is involved with shared ownership and who can apply? l How do I increase my share and how much do properties cost? l What rights and responsibilities do I have? l Are there restrictions on resale? l Can I buy with someone? And what about finance and legal issues? l Where do I start and what happens next? l What questions should I ask? l Will shared ownership really enable more first time buyers to buy a home? l Shared Ownership Mortgage basics l Benefits and pitfalls of shared ownership l Shared ownership schemes run by house-builders l The First Time Buyers Initiative/English Partnerships
Useful links:
www.communities.gov.uk
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