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Friday, 16 May 2008

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New Build HomeBuy scheme

If you would like to buy a newly built home you can get help to own part or all of a newly built home on the open market by taking part in the New Build HomeBuy or First Time Buyers Initiative.

Help buying a newly built home

If you would like to buy a newly built home you can share the cost of buying your home by taking part in the New Build HomeBuy scheme. Under this scheme you buy at least 25 per cent of the property and the housing provider charges you up to a maximum of three per cent per year on the value of the property that it owns.

You must be able to buy at least 25 per cent of the property. You can buy further shares of the property if you are able to afford it. The purchase of further shares is always at market value.

First Time Buyers Initiative

If you are a first time buyer you may be able to take part in the First Time Buyers initiative which is run by English Partnerships to help you by a newly built property.

Under this scheme you will only buy a minimum of 50 per cent of the value of the property and English Partnerships will charge you a fee for the remaining value of the property. This fee is payable after three years. If you sell the house you will have to pay English Partnerships the same share at the current market value.

The scheme is only available on certain housing developments so check with the HomeBuy agent for your area.

First Time Buyers Initiative guide (PDF document 220K) (opens new window)

Who can apply

You may be eligible if you are:

a council tenant
a housing association tenant
on the waiting list and a priority for a council or housing association rented home
a key worker – someone who works for the public sector such as a teacher, nurse or police, in areas where high demand for housing means there are problems recruiting staff
some other priority first time buyers who can’t afford to buy a property (including people helping the local community or the local economy)

In most cases you will still need some money (at least £3,500) to cover the costs of buying a house – such as stamp duty and legal fees.

How to apply

The scheme is managed by appointed HomeBuy agents for each area of in the country who have details of all the schemes and how to apply. To find out about HomeBuy schemes in your area use the list below.

London
Housing Options

tel: 08452 308 099

HousingOptions (opens new window)

Kent, Sussex and Essex
Moat

tel: 07002 662 846

HomeBuy (opens new window)

Hampshire
Homesinhants

tel: 02380 628 000

Homesinhants (opens new window)

Surrey
Thames Valley housing association

tel: 0845 600 6699

HomeBuy (opens new window)

Berkshire, Buckinghamshire and Oxfordshire
HomeBuy

tel: 0845 601 7729

HomeBuy (opens new window)

Hertfordshire
Lea Valley Homes

tel: 01582 869 440

Lea Valley Homes website (opens new window)

Bedfordshire and Cambridgeshire
(including Fenland and Peterborough, Forest Heath and St Edmundsbury)
Key Homes East

tel: 0845 456 6757

Keyhomes East website (opens new window)

Norfolk and Suffolk
(except Forest Heath and St Edmundsbury)
Orbit First Step

tel: 0845 850 2050

Orbit First Step housing website (opens new window)

South West North Zone
(Bath & NE Somerset, Bristol, Cheltenham, Cotswold, Forest of Dean, Gloucester, Kennet, Mendip, North Somerset, South Gloucestershire, Stroud, Swindon, Tewkesbury North Wiltshire and West Wiltshire)
HomeBuy - Southwest

tel: 0800 073 1315