Buying a home through the HomeBuy (shared ownership) scheme
The Government has introduced the HomeBuy scheme (previously known as shared ownership) to help people get a foot on the property ladder.
There are three parts to the HomeBuy scheme:
- New Build HomeBuy - where you share ownership of your home with a housing association.
- Open Market HomeBuy - where you buy a property outright, funded by a conventional mortgage/savings which is supplemented with the assistance of an equity loan.
- Social HomeBuy - where housing association and local authority tenants are helped to buy their current home.
The Government has also introduced the First Time Buyers Initiative as part of the HomeBuy scheme.
For many people, the HomeBuy scheme will provide the best chance of owning a home in the area in which they want to live and work.
Housing association and local authority tenants may also be eligible to buy the homes they live in through the:
- Right to Acquire scheme - for housing association tenants.
- Right to Buy or Preserved Right to Buy schemes - for tenants of council properties or those that have been transferred from a local authority to a housing association.
To check whether you are eligible for any of these schemes, please contact us