Key workers
Are you a key worker? If so you may be eligible for help to buy your first home, or move into a family home. There may also be opportunities available to rent homes at affordable prices.
The government has designated 'HomeBuy Agents' (see below), which act as one stop shop for information and administer of the application process.
If you are a key worker you will be required to either sell the property or purchase all of the remaining share of the property within five years of leaving your profession.
Open Market HomeBuy
This scheme is primarily for key workers and public sector tenants although applications from other first time buyers with a household income of up to £52,500 will also be considered. The scheme enables you to purchase a home of your choice on the open market with the help of three equity loan products; a 17.5 percent government loan only product or equity loans of 25 percent and 32.5 percent which are part government, part privately funded.
New Build HomeBuy
Buy a share varying between 25 per cent and 75 per cent of a new (or refurbished) property built by a housing association and pay a reduced rent on the remaining share. As your income rises you can increase the share you own, until you eventually own 100 percent and no longer pay any rent to the housing association. Certain new housing developments are ring fenced for key workers for a specific period of time.
Intermediate renting
This scheme offers you the chance to rent a brand new or refurbished apartment at a subsidised rent. The rent charged is normally 20-30 percent lower than what you would expect to pay for a similar aprtment in the same area. If you are a key worker the rent will cease to be subsidised if you leave your profession.
London Wide Initiative
A scheme for key workers only across 15 sites in London. This is a shared equity scheme where the government retains a percentage stake in the home. You will not make any monthly repayments on the government's share unless you sell the home or leave your key worker profession.
First Time Buyers
This scheme enable first time buyers to buy a share in a home on a designated FTBI development with government financial assistance (minimum £25,001). You don't have to pay anything on the amount the government has contributed for the first three years.
For detailed information on the schemes please see the Low Cost Home Ownership page.
To assess eligibility and to apply:
To register you must apply to the HomeBuy Agent. The HomeBuy Agent for East, North & West London is:
Metropolitan Home Ownership
www.housingoptions.co.uk
0845 230 8099
All schemes are subject to availability of funding and the eligibility criteria. HomeBuy Agents can register your interest, assess your eligibility and provide details of schemes in your area. They will be able to tell you who in your area is offering HomeBuy opportunities, how to apply, and current information about what might be available.