Homebuy schemes

Details on these schemes are available from the Local Homebuy Agent www.my4walls.org.uk

Rent to Homebuy

Who qualifies?

Those who may not qualify for social housing but are unable to purchase or rent on the open market. Suitable if not immediately wanting to commit to owning a home.

What is it?

Available on some newly built homes intended for shared ownership. Rent paid is normally 20 per cent lower than for a similar privately rented property, but more expensive than social housing rent. The discount allows for rental of an affordable, high quality home with an option to buy on a shared ownership basis.

New Build Homebuy

Who qualifies?

People unable to afford a home and meeting one of the following:

  • Social housing tenant
  • Registered on a social housing waiting list
  • Needing a home through relationship breakdown or a house clearing project.
  • First time buyers working in the area, contributing to the economy – e.g. office, shop or factory worker

What is it?

Properties are sold on a shared ownership, 'leasehold' basis. The minimum initial share you can buy is 25 per cent, the maximum is 75 per cent. The initial share is determined by the landlord. The remainder will belong to the landlord. A small rent will be payable to the landlord for the share you don't own.

You can gradually buy additional shares in your home until you own 100 per cent of the property. Known as 'staircasing'.

To sell your share it can be marketed by the social housing provider. If you own your home outright, you can sell it in the normal way.

Homebuy Direct

Who qualifies?

People unable to afford a home without help and meeting one of the following:

  • household earnings are £60,000 a year or less.
  • a social tenant or a key worker earning £60,000 or less
  • have sufficient funds to pay moving costs such as a deposit, legal fee's and stamp duty
  • employed on a permanent contract, have three years of accounts if self employed
  • do not have your own home or a mortgage already. Your name must have been removed from any previous mortgage.

What is it?

Set up between the government and participating house builders to help first time buyers purchase a home.

This option offers equity loans to buyers - your contribution needs to be at least 70 per cent of the full purchase price. The rest of the purchase price will be paid by equity loans from both the government and home builder. This can be up to 30 per cent of the full purchase price. There is no fee charged on the equity loan for the first 5 years.

The loans are repaid when you sell your home, at which point you must repay a share to the agency and home builder. This repayment will be the same percentage as the initial equity loans. (For a 30 per cent loan to purchase your home, you must repay 30 per cent of the sale proceeds).

With HomeBuy Direct you have 100 per cent title of your home and can sell it on the open market without restriction.?

Contact us

Housing Advice Team

Post:
Queens House
Queens Row
Market Street
Wakefield
WF1 1DF

Visitors:
Queens House
Queens Street
Wakefield
WF1 1JR

01924 302085