Schemes
Open market HomeBuy
HomeBuy Direct
First Time Buyers Initiative
New Build HomeBuy
Rent to Buy

Call 0845 017 1797 for FREE, independent property services advice

Open Market HomeBuy

This scheme is designed to help you if you want to choose a property for sale on the open market (normally through an estate agent or through a developer direct).

When you apply, we will work out what percentage of the property you can reasonably afford to buy and the Government will help you buy the rest. This is called a 'shared equity scheme'.

The property will be registered in your name, so you will own 100%, but there will be a second charge to register, this is the equity loan.

There are two products available:

MyChoiceHomeBuy

With MyChoiceHomeBuy you can get help with between 15% and 50% of the cost of your home. This is the equity loan share from the Government.

You will pay interest on the equity loan initially capped at a maximum of 1.75%.
This amount will be reviewed annually and is likely to increase by Retail Price Index (RPI) + 1%.

You can choose to take out a mortgage with any participating high street lender, and again we can advise you on which lenders participate in this scheme as well as advising which particular mortgage is best for you.

You can choose whether or not you want to put down a deposit towards the cost of your property and you can buy more equity stake in your property if you want to.

Own Home

With Own Home you can get between 20% and 40% of the cost of your home.
There is nothing to pay on the loan amount for the first five years. After that you will pay 1.75% interest in years 6-10 and then 3.75% from year 11 onwards.

The product is offered in partnership with the Co-Op bank so you must take out a mortgage with them, rather than any other high street lender.

As with MyChoiceHomeBuy you can choose whether or not you want to put down a deposit towards the cost of your property and can buy more shares in your property if you want to.

HomeBuy Direct

HomeBuy Direct is a new shared equity scheme designed to help up to 10,000 first-time buyers into affordable home ownership. The scheme will also help participating house builders by enabling more first-time buyers to purchase newly built properties. The scheme has been allocated £300m of Communities and Local Government funding.

The scheme applies only to new build properties from a number of different developers. Buyers will be offered an equity loan of up to 30% of the purchase price, co-funded by Government and the developer.

The equity loan will be free of charge to the purchaser for the first five years. From year six, a 1.75 per cent charge will be levied. This rises at RPI+1 per cent each year .

First Time Buyers Initiative (FTBI)

Like MyChoiceHomeBuy, it works on an equity share basis - with FTBI, it has to be at least 50%. You tell us what savings you have and we will work out how much you should put towards the scheme. If you don't have any savings, you may still be considered for the scheme.

For the first three years after you buy, you won't have to pay any interest on the equity loan. After three years, you will pay interest at 1%, which rises to 2% after four years and 3% after five years & thereafter. The number of properties available under FTBI varies. If you are interested in applying for the FTBI contact us to find out if there is an FTBI development in the area you want to live.

Call us on 0845 017 1797 and ask for the NHS propertyservices.com team.

New Build HomeBuy

You may have heard of this scheme as Shared Ownership and it's different from equity share schemes. With new Build HomeBuy you buy a share of a newly built or renovated property sold through a housing association and pay a discounted rent on the remaining share.

The amount you can buy varies. It is usually around 50% but can start from 25%. Additionally, there is often the ability to buy additional shares in the future.

Should you purchase under this scheme the housing association will grant you a lease on your property usually for 99 years. This will cover your responsibilities for repair and maintenance, the rent you will pay and details of any service charges.

Other similar schemes - usually localised

Resale New Build HomeBuy	This is the same as New Build HomeBuy except that you are buying from an existing shared owner rather than a brand new property.
Private HomeBuy	Similar to Open Market HomeBuy but privately funded.
Intermediate Rent including Rent to Buy	Schemes where properties are available for either permanent or initial rent with an intention to buy. Charged at approximately 80% of the market rent. With Rent to Buy, there is an expectation of a purchase option after 3 years.
Key Worker Living	The Key Worker Living scheme is helping certain public sector employees in London, the South East and East of England to buy a home, upgrade to a family home or rent a home at an affordable price.

Rent to HomeBuy

The Rent to Homebuy scheme is a pilot product announced as part of the Government's 'Facing the Housing Market Challenge' report. It offers additional help to first-time buyers who are struggling to save for a deposit.

Rent to HomeBuy will be available at specific developments, with the first schemes anticipated to be announced shortly.

Detailed information about homes available under the scheme will be posted on this site as soon as it is available.

Eligibility terms will be similar to other HomeBuy products. The key eligibility requirements being

First-time buyers, with an annual household income of �60,000, who do not already own a property

The Rent to HomeBuy process

Rent a new build property in certain areas at 80% (or less) of the market rent for a fixed length of time
Rent on the basis of an Assured Shorthold Tenancy for up to 2 to 3 years

What happens when the agreed term ends

You can make the first offer to buy the property under New Build HomeBuy terms and conditions

A HomeBuy agent will then make an assessment of what share of the property you can afford to buy and maintain payments on under the New Build HomeBuy scheme

If the assessment shows that you cannot afford to buy any share because of changes in your circumstances, your landlord will review your tenancy but there is no prior guarantee that it will be renewed

All these schemes may seem a little complicated but don't be put off - they really can help you get that home of your own on a really affordable basis.

We have listed the schemes which are available but, as you can and may apply for more than one scheme, the right advice is essential in deciding what's best for you. We'd suggest you talk to one of our FSA registered advisors who are all fully-trained HomeBuy specialists.

Call us now on 0845 017 1797