Affordable Housing - when you can't afford a house outright
Home Ownership Schemes
FirstBuy Scheme
FirstBuy is a new product in the Government’s HomeBuy range designed to help first time buyers to own their own property in a way they can afford and to give them full ownership.
FirstBuy is only available for properties that are new-build and available for first occupancy.
A joint equity loan of up to a maximum of 20% of the purchase price is offered through the Government and the house builder, the purchasers then are required to raise funding for the remaining 80% this being a 5% deposit and a 75% mortgage both based on the full purchase price.
For the first five years there is nothing to pay back on the equity loan, a small annual fee will be charged commencing at the start of year six. These loans must be repaid after 25 years, when the mortgage comes to an end or when you move, whichever, happens first.
Eligibility
FirstBuy schemes are designed for first time buyers with an household income of less than £60,000, but will prioritise military personnel and existing social tenants. After these priority groups have been exhausted other first time buyers who fit all other criteria can apply.
FirstBuy Schemes in North East Derbyshire District Council
Homebuy Shared Ownership
If you would like to own your home, but cannot afford to buy on the open market, HomeBuy Shared Ownership could be for you. You will have sole occupancy rights - you do not have to 'share' your home with anyone else.
Shared Ownership is a part buy part rent scheme, where you purchase a share and pay a reduced rent on the remaining percentage.
Housing Associations and HomeBuy Shared Ownership
The other share in the property is usually owned by a housing association. Listed are housing associations within our district that will be or are presently running the scheme:-
Equity Housing - North WingfieldPeak District Rural - AshoverPeak District Rural - HolymoorsideDerwent Housing - KillamarshLeicester Housing Association - North Wingfield
Who can purchase HomeBuy Shared Ownership housing?
HomeBuy Shared Ownership housing schemes are usually intended for people who cannot afford to buy a suitable home in any other way. Applicants must usually be in housing need and be unable to afford outright purchase. Priority will often be given to people on local authority or housing association waiting lists.
However, when a new housing scheme is developed that includes shared ownership homes for sale, housing associations often have to work hard initially to sell the properties. This is because, when the new homes are first available the association usually has a number of homes available for sale all at one time. Consequently, if you are interested in shared ownership housing don't be put off by the paperwork. Apply to the local authority or a housing association that offers these schemes in your area as soon as possible.
You don't have to find a new housing development to be able to buy a shared ownership property. When owners want to move home, their property will either be offered to the housing association to find a buyer, or will be advertised in the local estate agents.
Who does the repairs on shared ownership properties?
The ownership lease between you and the housing association will set out your rights and responsibilities as a shared owner. Although you have not bought the property outright, you will have the normal rights and responsibilities of a full owner-occupier. In particular, you will normally be fully responsible for the cost of repair and maintenance to your home.
For more information on any of the above schemes contact EMHomeBuy
EMHomeBuy is part of East Midlands Housing Group who is the appointed government HomeBuy Agent for the East Midlands which includes the North East Derbyshire area.
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