MyChoice HomeBuy

• On the MyChoice HomeBuy scheme a housing association provides you with an equity loan - a sum of money which you invest in a property on the open market (between 15% and 50% of its value)
• Only one housing association offers MyChoice HomeBuy in Brent - Metropolitan Home Ownership (MHO) 
• The value of the equity loan increases or decreases in proportion to the overall value of the property
• There is an interest charge to pay on the equity loan of 1.75%, with any rises capped at RPI plus 0.5% of the present figure
• You can pay back or "redeem" the equity loan in instalments, but you can't sell your share back to MHO 
• If you sell your house to another buyer, or if 25 years have passed since you bought it, you must repay the equity loan in full, based upon its value at that time
• For further information about MyChoice HomeBuy see Your Own Brent Home
• See also this MyChoice HomeBuy guide (.pdf, 3402Kb)
• For further enquiries and applications visit Housing Options