What help do I get from the new build homebuy scheme?

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What Help Do I Get From The New Build HomeBuy Scheme?

The homebuy scheme allows you to buy a new property built by a social landlord. Under the New Build HomeBuy scheme you are able to purchase a share of the new property and on the remainder you will pay a special discounted rent. You will be able to purchase between 25% and 75% of the house, this depends on your local authority. You will have the option to increase the amount you own at different stages when you require, these will be sold in blocks of 10%.Buying more shares in the home is known as staircasing. Being able to buy 25% of the value of the home makes more it affordable for people to get onthe property ladder.You will be eligible for the New Build HomeBuy scheme if you have fall within the strict criteria set by the social landlords , you must be able to show that you can not afford to buy a property in the conventional way.Factors such as your level of income, your occupation eg be a key worker (working as a nurse, policeman, teacher etc).apply , to qualify you for this scheme.Other factors that will be taken into account are , your nationality ie you need to be a british citizen ,you should not have adverse credit egCCJ’s, and have less than £15,000 in total debt.

Home Buy Scheme Mortgages Frequently Asked Questions

What are the typesof HBS schemes?	I am a key worker, what is available ?
If I sell will I have to pay back the incentive?	Why get a Open Market HBS?
How do I find a mortgage for a HBS?	Why get a New Build HBS?
What properties can I buy ?	Will I have any upfront costs ?
Who owns the home, under the HBS?	Is there any priority list for the HBS?

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