Affordable Home Ownership
If you are unable to afford to buy a home there are home ownership schemes available that can help with getting that first foot on the property ladder.
The Help to Buy Scheme
The Help to Buy scheme has replaced HomeBuy.
- Shared Ownership: offers brand new homes for sale on a part buy / part rent basis.
- Shared Ownership - Resales: This is when an existing part buy / part rent home becomes available for resale, you can buy the share from its current owner. The homes vary greatly in terms of age, size and type.
- Equity Loans: This makes new build homes available to all home buyers (not just first time buyers) who wish buy a new home, but may be constrained in doing so. Up to a maximum of 20% of the purchase price is available to the buyer through an equity loan funded by the Government through the HCA..
- Rent to Buy: This option offers new build homes to rent for a pre-defined period of time with the expectation that you will buy a share of the property at the end of the rental period.
- HOLD: Home ownership for people with long-term disabilities. This is a specially tailored option to assist people with long-term disabilities to purchase a share in a property. It is offered by a number of housing associations, with very limited availability.
- Social HomeBuy: This option offers some housing associations tenants the opportunity to buy a share in their rented home.
- Armed Forces Home Ownership: This is a pilot scheme designed to help you buy a home to suit your needs, with some extra help to top up your mortgage. The scheme is desgined specifically to provide assistance for qualifying service personnel to purchase a home on the open market.
Find your nearest Help to Buy Agent.
Right to Buy: This scheme is aimed at assured tenants of registered social landlords/housing associations who previously held secure tenancies with local authorities. For more information visit click here.
Right to Acquire: This gives eligible housing association tenants a statutory right to purchase the property in which they live at a discount, please talk directly to your housing association for further information and criteria or you can click here.
For more information on affordable homes and Open days and events in your area please visit the Moat website.
NewBuy
This scheme is designed to help overcome the deposit gap for new home buyers, it is aimed at first time buyers and those who already own a home who only have funds for a 5-10% deposit. The lenders participating in the scheme will provide a 90-95% loan-to-value mortgage for buyers meeting their qualifying criteria. At present Barclays, Halifax, Nat West and Nationwide are offering NewBuy mortgages. The scheme will be operated by the home building industry and mortgage lenders working in partnership with the Government.
For more information please visit the NewBuy website.
Find out which Home builders are offering the NewBuy scheme.
