The New Build HomeBuy scheme for cash-
strapped first-time buyers
The
New Build HomeBuy initiative is one of a range of Government
schemes set up to give low-paid first-time buyers a chance of
home ownership.
• How does it work?
New Build HomeBuy is similar to the Social
HomeBuy scheme, in that it lets you buy a share in a flat
or house and pay an affordable rent on the rest.
With Social HomeBuy, it has to be a property you're already
renting, while as the name suggests this version applies to
newly built homes.
The minimum you can buy is 25 per cent and 75 per cent is the
usual maximum.
Older schemes of this type were known as shared ownership, part
buy/part rent or shared equity.
• How do I qualify?
New Build HomeBuy is open to key workers (such as nurses, teachers
and police officers), social housing tenants and anyone classed
as being in priority housing need.
• Can I increase my
share?
As with Social HomeBuy, you can buy additional shares until
you own the entire property this is known as 'staircasing.
• What if I want to
sell up?
When you want to move on, you can sell your share at its market
value to a purchaser nominated by your landlord.
Or if you have 'staircased to 100 per cent ownership, and your
landlord doesn't want to buy the property back, you can sell
it on the open market in the normal way.
• What else do I need
to know?
If you bought as a key worker but then change jobs so you lose
this status, you are allowed five years to buy the property
outright or sell it.
• How do I apply?
For more information, contact your local HomeBuy agent.
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