Government HomeBuy assistance first-time buyers

If you are on a low income or need to live in an area with high property prices, you may be wondering if you'll ever be able to afford a home of your own.

But don't despair

A range of Government-backed ‘HomeBuy assistance’ schemes have been set up to help buyers just like you climb onto the housing ladder.

They offer an affordable alternative for people including key workers (ie key public sector workers like the police, nurses, firefighters and so on) whose earnings would be unlikely to qualify them for the size of mortgage necessary to buy in the traditional way in their chosen area.

They also apply to social tenants and those on the housing register

How ‘HomeBuy’ schemes work

Although the details vary, these schemes work in one of two fundamental ways

• Type one: buy and rent

You get the chance to purchase an affordable share of a flat or house, instead of having to shell out for the entire property.

You get a mortgage in the normal way to fund the part you're buying and pay rent on the remaining portion.

• Type two: buy with an extra loan

You get access to additional low-cost funding, which runs alongside your mortgage, making it easier to afford a home of your own.

The different schemes

At the time of writing, there were three schemes, one with a couple of variations

• Social HomeBuy

This is a buy-and-rent scheme designed to help tenants of participating councils and housing associations buy their existing homes.

• New Build HomeBuy

Another buy-and-rent scheme, this was set up to help qualifying first-time buyers and others purchase newly built homes from participating builders/landlords.

• Open Market HomeBuy

There are two Open Market HomeBuy schemes, but both provide extra low-cost funding from your mortgage lender and/or the Government.

Would I qualify?

Each scheme has its own eligibility criteria, but you may qualify if you are

• A tenant of a council or housing association

• On the housing register, waiting for a council or housing association home

• A key worker, such as a nurse, teacher or police officer

• A first-time buyer who can't afford to buy a property

Read on to find out more

Social HomeBuy

New Build HomeBuy

Open Market HomeBuy

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Read on about Mortgages for First time Buyers

Process / Flow Chart of What Happens

Intro / What you're getting into

Buying your first home

Be careful out there

Don't just grab the first mortgage you can

Problem: having enough money

100% Mortgages for First Time Buyers

Should I borrow five times my income?

If you have problems paying off your mortgage

Buying as a couple

Already own separate homes?

TIPS for First Time Buyers

Having problems as a First time Buyer? Read some Solutions

UK Government Help, HomeBuy and Key Workers Schemes

Read On / Mortgage Guide

Mortgage Basics

Choosing a Mortgage

UK Mortgage Types

UK ReMortgages

How to get Your Mortgage

What is a Mortgage in Principle

Costs and Fees of UK Mortgages

Mortgage Buying TIPS

Calculators

Summary of All UK Mortgage Types

Read On

Guide to Home Buying for the UK

UK Mortgage and Home Insurance

UK Life Insurance Guide

Glossary of Mortgage Terms

UK Mortgage News

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Read on about Mortgages for First time Buyers

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See contents of Home Buyers Guide

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