Who Can Help Me
To Buy My First Property?
These HomeBuy schemes are
operated by
HomeBuy agents,
who can assist you through the application process to buying a property
on the scheme.
HomeBuy agents are specially designated housing associations -
non-profit organisations (or NPOs) that buy,develop and manage housing
for people who genuinely require some additional form of assistance in
buying a home.
The schemes can offer assistance to purchase a property on specially
designated developer sites with what is called an 'equity loan' of up
to %30 of the value of the property. This is called a 'Homebuy Direct
Scheme' and differs from a what is a 'NewBuild Homebuy Scheme' or
'Social HomeBuy
Scheme'.These HomeBuy Schemes put simply is where you buy a fraction of
the house at price determined by the Housing Association Developer or
Social Landlord,say 1/4 then pay around 3/4 fourths of the normal rent
rate at discount(however you will still be required to pay a mortgage
if you took one out to purchase the first fraction of the property -
but over a 30 year period for a small sized mortgage could still be
well affordable).The amount of rent you pay varies accordingly to the
amount of equity (ownership) you wish to purchase in the property and
use can always purchase additional equity.This
is known as
'Staircasing'
- buying a property in segments until you own it completely.
However many people can now take advantage of an additional scheme
available known as
'Rent To Homebuy'.As
the name implies you rent out a new built property at a reduced
discounted rate on the promise that you will use the savings you have
gathered to eventually purchase an ownership stake in the property.
