Low cost home ownership
New Build HomeBuy
New Build HomeBuy is aimed at people who cannot afford to buy a suitable home in any other way. You must be in housing need and be unable to afford outright purchase. 
Homes under the scheme may be new or renovated flats or houses sold through housing associations. Through the scheme you buy a share varying between a minimum of 25 per cent and, usually, a maximum of 75 per cent of the property and pay an 'affordable' rent on the remaining share you do not own.
Gradually you can buy shares and, in most instances, own your home outright. Even if you have not bought the property outright, you will have the normal rights and responsibilities of a full owner occupier under the terms of your shared ownership lease. You will also have to pay other housing costs such as service charges, repairs and maintenance, insurance, council tax etc. depending on whether the property purchased is a house or a flat/apartment.
Priority will normally be given to existing public sector tenants, those on the local authority or housing association waiting lists in priority housing need, key public sector workers and some other priority first time buyers.
Detailed information on New Build HomeBuy scheme:
'Have you heard about New Build HomeBuy?' (.pdf, 129Kb)
New Homes Autumn 2007 Brochure (.pdf, 6123Kb)
To assess eligibility and to apply:
To register you must apply to the HomeBuy Agent. The HomeBuy Agent for East, North and West London is:
Metropolitan Home Ownership
www.housingoptions.co.uk
0845 230 8099
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.
MyChoiceHomeBuy
What is MyChoiceHomeBuy and how does it work?
MyChoiceHomeBuy is a government funded, low-cost-homeownership product that enables eligible applicants to choose and purchase a home of their own on the open market with the help of a flexible equity loan.
- You are free to raise your morgtgage with any high street bank or building society (we will not allow adverse credit lenders)
- on top of your mortgage you will receive a government equity loan for up to 50% of the purchase price
- any saving or contribution from family/friends above £10,000 can be used to 'top up' your purchase price without affecting your government equity loan
- there is a low monthly charge on the MyChoiceHomeBuy of 1.75% which will increase by RPI plus 1% annually
- you will need to repay all equity loans if you sell the property.
Note: applicants will be set individual maximum price limits based on their own financial status.
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
Re-sales
These are Shared Ownership properties that were built and sold in the past that are now available for purchase on a part buy, part rent basis because the existing owners want to sell.
First Time Buyers' Initiative
The First Time Buyers' Initiative (FTBI) aims to make more affordable homes available to first time buyers priced out of the housing market. Because it is made affordable FTBI is a 'stepping stone' to assist buyers into full home ownership.
FTBI is a shared equity scheme that aims to help eligible first time buyers to buy a new build home on an FTBI development with an affordable mortgage and with government assistance. The buyer must buy at least half of the property, and the Government will retain the rest. After living in the home for three years, buyers will pay a charge to the Government (through the HomeBuy Agent) based on a percentage of the equity they don't own.
Key points:
- government will assist with up to 50 per cent of the full purchase price
- buyer mortgage and any cash contribution must be a minimum of 50 per cent of the full purchase price
- buyers can make part repayments 'staircasing' at any time'
- buyers can sell their FTBI home on the open market
- HomeBuy Agent will approve and assess buyer eligibility for FTBI
Around 50 per cent of the homes will be for key public sector workers, such as nurses, teachers and police officers. The remaining homes will be available to groups identified as priorities by Regional Housing Boards. Priority will be given to people currently in private rented or temporary accommodation. The Homebuy Agent will assess eligibility and help buyers find a suitable home in their area.
More information:
'First Time Buyer's Initiative - Buyers' guide.' (.pdf, 97Kb)
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
Social HomeBuy
Social HomeBuy allows social housing tenants to buy their current home either outright or on shared ownership terms with the benefit of a discount. This is likely to be of interest to tenants who don't qualify for the Right to Buy or the Right to Acquire or who are not currently in a position to buy their home outright.
To do so, their landlord must have decided to take part in the scheme. We are not currently taking part in the Social HomeBuy scheme.