The New Build HomeBuy scheme for cash-strapped first-time buyers

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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.

Click here to find their details.

To find out about other Government HomeBuy schemes, go to

Social HomeBuy
Open Market HomeBuy

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