HomeBuy? What. South West Homes

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1 South West Homes What is HomeBuy? HomeBuy is a name the Government has given to a suite of housing options available to people who wish to purchase a home but cannot do so without financial assistance, and those who wish to rent but cannot afford the cost of high market rents. Tel: Hatfield House, Hatfield Road, Torquay TQ1 3HF.

2 Who can apply? Applicants should be 18 years of age or over. There are two initial criteria you must meet before completing an application form: 1. Have a household income of less than 60,00 per annum. 2. Be a first time buyer unable to buy, or afford market rents without assistance. HomeBuy can also help people who have previously owned a property but are now unable to buy without assistance, for example in the case of relationship breakdowns, or families who are over-crowded in their existing home. Priority for HomeBuy products will be given in accordance with Government guidelines; ie social tenants, key workers and other first time buyers If you think you qualify then simply complete an application form on line or paper copy. This will ask you questions such as your household, employment, income and savings. This helps the Agency to assess your eligibility and how much you can afford. Once we have received your completed application form with all the necessary information, we will write to you within 8 working days advising you or your affordability level and will give you a guide as to which of the HomeBuy products you may be eligible for. How do I know which properties are for sale? Developers and housing associations offering homes under the Government s Homebuy scheme advertise their homes on our website. You can view property details on our website or alternatively contact our customer service team who will be pleased to send you a printed summary of 2

3 properties for sale in the area of your choice. Details of approved applicants are available to developers and housing associations and they may contact you direct if they have a home for sale or market rent which meets you housing needs, taking account of is in the location, affordability and bedroom sizes. How do I apply? You can complete the online application form on our website or contact our customer service team and request a paper copy. Your local council office and housing association offices also hold paper applications. You should apply to the HomeBuy Agency operating in the area where you wish to live. If this is outside of the South West then contact our customer services team who will be pleased to advise you of the HomeBuy Agent operating in the area you wish to live. 3

4 Your HomeBuy Options New Build HomeBuy This option offers brand new homes for sale on a part buy / part rent basis. Homes are available through different housing associations. You can buy shares worth between 25% and 75% of the property s market value and you pay a subsidised rent on the remaining share. You may need to raise a mortgage to purchase your share. If you have a large deposit or equity from the sale of a property, this can also be used towards purchasing your share. Second-hand properties originally sold as New Build HomeBuy are also available from existing owners. More information can be found on our website. 4 HomeBuy Direct This option offers equity loans towards the purchase of a new build home on selected developments.

5 You buy a minimum of 70% of the market value of a property. An equity loan of up to 30% is provided to assist your purchase. There are no payments on the loan for the first five years. After five years there is a fee of 1.75%, which increases annually in line with inflation. You will need to raise a mortgage to purchase through this scheme. You can also use any savings you may have to contribute as a deposit towards your share. First Time Buyers Initiative This option is offered by private developers on selected new homes. You buy a brand new home with a mortgage for a minimum of 50% of the market value of the property. The government then provides a shared equity loan to help you to buy up to the full purchase price. There are no interest charges for the first three years. After three years there is a fee of 1%, rising to a maximum of 3% after five years in the property. Rent to HomeBuy This option offers new build homes to rent for a period of time with the expectation that you will buy a share of the property at the end of the rental period. Homes are available through a range of housing associations on assured shorthold tenancies with an affordable rent of 80% of market rents. The rent is payable for a pre-defined and limited period, after which time there is an expectation that you will purchase the property on the terms of New Build HomeBuy. The rental period provides you with the opportunity to save for a deposit towards buying a share in the home, enabling you to access mortgage availability. 5

6 Social HomeBuy This option offers some housing association or local authority teanants the opportunity to buy a share in their rented home. Tenants can purchase a minimum initial share of 25% of the home. The remaining un-owned equity is retained by the landlord. Your landlord then charges you an affordable rent on the un-owned equity. It is possible for you to purchase 100% of the property. Please contact your landlord directly to find out if they offer this option. 6 months. This is reviewed regularly. When a property is vacated, it becomes available again for rent. H.O.L.D. Home onwership for people with long-term disabilities. This option is a specially tailored option to assist people with long-term disabilities to purchase a share in property. It is offered by only a smally number of housing associations with limited availability. Please contact us for further details. NewBuild Discounted Rent This option is also known as intermediate rent and offers newbuild homes to rent at 80%(or less) of typical market rents. Housing associations offer this scheme on an assured tenancy, usually for an initial period of 6

7 Interested? South West Homes make it easy. You complete one application form. Simply visit our website at: to apply online or call us on to request an application form. View properties available at to search for properties in your area. Please contact the relevant housing association or developer directly to find out further details for any properties you are interested in. If you don t have access to the internet then call us on to request a paper version of property information. 7

8 Tel: Hatfield House Hatfield Road Torquay TQ1 3HF

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