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What Are The Different Homebuy Schemes?

The government backed housing program aimed towards first time buyers known as the HomeBuy Scheme has three different sub categories, these are New Build HomeBuy, Open Market HomeBuy and Social HomeBuy.

The New Build HomeBuy Scheme was recently introduced as part of the HomeBuy Scheme, Under the New Build HomeBuy Scheme priority is given to first time buyers and council tenant who wish to buy their own home. This scheme is generally carried out by housing associations local to certain areas. It is currently available throughout England, and is mainly for newly built properties.Under this HomeBuy scheme you are able to purchase a share of the new property and pay a special discounted rent for the remaining share. You will be able to purchase between 25% and 75% of the value of the house, this depends on your local authorities however you have the ability to increase the amount you own at different stages when ever you require, but usually these are sold in blocksof 10% or 25%.

Social HomeBuy Scheme is introduced by the government in 2005. This Scheme allows tenants of council or any other Social housing to buy their current home either in full or in a shared ownership method. If you buy a certain share of the home then you will have to pay an amount of rent on the portion that is owned by the government or housing association.The Social HomeBuy Scheme is mainly for those tenants who do not qualify for the Right To Buy scheme and who are not in a position to be able to buy their own home, and for existing council or other Social housing tenants who have been living with them for a minimum number of years which depends on when you started to live with them.The benefit for those who qualify for the Social HomeBuy Scheme is that there is an added discount to the price of your home. The maximum discount you may get under the Social HomeBuy Scheme will be a sum of between £9000 - £16000; this also depends on the location of your property and the initial purchase proportion.

Open Market HomeBuy was introduced by the government in 2005 which is a type of HomeBuy which is intended for the first time buyers. The Open Market HomeBuy scheme is available for first time buyers who have problems in buying houses due to the high market price at the moment, and it is available to any first time buyer who is in this position any where in England.Under the Open Market HomeBuy scheme if you are a first time buyer you are allowed to buy 75% of the home, and for this you may need to get a Mortgage for 75% of the homes value, the benefit however is that you will not need to pay any sort of deposit for this Mortgage.The remaining 25% of the property value is owned by the government and the Mortgage lender, in equal shares of 12.5%.There is one more option on the open market home buy scheme available for first time buyers. Under option two of the open market HomeBuy scheme, you need to be able to fund at least 82.5% of a properties value, and you will be given an equity loan which is worth 17.5%, which will be provided by the government.There will be no interest charged on the equity loan, and when you sell the house you will need to pay back 17.5% of the value of the home to the government. You will not be paying any rent on this proportion of the home, however you will need to finance the 82.5% worth of the home.

Home Buy Scheme Mortgages Frequently Asked Questions

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