HomeBuy

HomeBuy is a low cost home ownership scheme. It helps social tenants, key workers and first-time buyers to get onto the housing ladder.

HomeBuy gives housing developers access to grants for the provision of new affordable housing. It can also help housing associations in encouraging and supporting their social rented tenants into affordable home ownership.

There are five products in the HomeBuy scheme:

• New Build HomeBuy – new homes are provided by our development partners and offered for sale as leasehold properties on shared ownership terms
• Open Market HomeBuy – purchasers buy a home on the open market with the benefit of an equity loan that sits alongside a conventional mortgage
• Social HomeBuy – enables social housing tenants of participating housing associations and local authorities buy their current home either outright or on shared ownership terms.
• HomeBuy Direct –  purchasers buy specific new build properties with an equity loan of up to 30 per cent of the purchase price, with the loan jointly funded by the government and the developer.
• Rent to HomeBuy – selected new build homes are rented on intermediate rent terms for up to three years, after which time the tenant can purchase their home through the New Build HomeBuy scheme

Funding for the HomeBuy scheme is allocated through the National Affordable Housing Programme

Last updated: 12 May 2010

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