Welcome! Register or Login for the best international property experience.
Welcome Back ! Access your profile, saved searches, property shortlist, and more! Logout

In This Guide

Before you start

Choosing an area

Homes needing work

My dream home

New homes

Offline search

Online search

Schools

Types of purchase

   1. Freehold or leasehold

   2. The lease

   3. Leasehold costs

   4. Leasehold complexities

   5. Leasehold complaints

   6. Shared Ownership

   7. Homebuy

Viewing property

Country Guides

All Countries:

Types of purchase

Homebuy

Print Contents Prev Page Next Page

The Homebuy scheme is a type of shared ownership designed to help people onto the home-owning ladder and out of council owned accommodation. In this scheme you buy 75% of the home and the RSL lends you the rest of the money.

You can pay back all or part of the Homebuy loan at any point. The property will be revalued and any amount you pay back will reduce the 25% loan accordingly. In other words, if the value of the property rises or falls, then so does the value of 25% of the property. This can work in your favour (or against you) if you choose the right (or the wrong) time to pay off some of the loan.

There are several things to note about the Homebuy scheme:

  • It is only for people in England who are renting homes from the council, or who are on the housing waiting list.
  • Only people who would not be able to afford to buy a home any other way are able to get a Homebuy loan.

  • You will not be able to get a Homebuy loan if you are in breach of your current tenancy agreement.

  • You must have been a paying tenant for the past 12 months - no housing benefit during this time.

  • You can apply for Homebuy jointly with up to three other people.

  • If you are struggling to find a mortgage, ask your RSL who they recommend you try for a mortgage. They may have links with the lenders already.

  • You will have to have a homebuyers survey and a valuation to ensure that the property is fit to live in.

  • There are various types of property that the housing association scheme will not allow you to buy. These include, caravans and mobile homes, self-build projects, your current rented home, or a property with sitting tenants.

Where can I find out more

In the months to come you will be able to use SiteFinder to locate local councils websites. They can provide you with information and assistance. For now, you can access them by visiting www.housingnet.co.uk where you can click through to the web pages of the housing associations and contact them directly for more information.

Prev Page Next Page Contents