Home Ownership

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If you want to own your own home, but are struggling to raise the large deposits and mortgage required, then the Government-backed HomeBuy scheme could be the option for you.

Did you know that as a housing association tenant you are high priority?

Most homes through the schemes are purchased through Shared Ownership. Having to raise a mortgage for often as little as 25 or 40 per cent with only a five to 10 per cent deposit, based on this share value, makes owning your own home much more achievable and affordable.

The first step is to get in touch with your government-appointed HomeBuy agent covering the area in which you want to live. They will explain the details of the schemes, as well as processing your application.

Once registered and accepted for the schemes, your HomeBuy agent will guide you through the process of applying for a new HomeBuy home.

Check out the websites too, you will find out information about the homes available, as well as upcoming events; why not go along to one to see what your options are?

Hampshire & Isle of Wight
www.homesinhants.co.uk Tel: 023 8062 8004

Berkshire, Buckinghamshire, Oxfordshire & Surrey
www.catalysthomebuy.co.uk Tel: 0845 601 7729

Sussex
www.homeBuyoptions.co.uk Tel: 0845 359 6997

Dorest & the South West
www.southwesthomes.org.uk Tel: 0300 100 0 021.

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So, what exactly IS shared ownership? Under these schemes, you buy a share of your home and then pay a regular rental fee on the remaining share. Naturally, people generally need to take out a mortgage to pay for their share of the home’s purchase price, and they then pay rent on the remaining share. Effectively, this of course means that a part of the house is theirs, rather than the property in its entirety.

This means that having to raise a mortgage for what is effectively often as little as 25 or maybe 40 per cent of the house, with only a 10 per cent deposit, can be attractive and make owning your own home much more achievable, and indeed, affordable.

 

 

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