New build homebuy

New build homebuy is a scheme offered on brand new homes on a part by part rent basis.

The new homes are available through housing associations, you are able to buy a share of between 25% to 75% of the market value of the property; you would then pay a subsidised rent on the remainder of the mortgage.

The additional shares must will also mean that the rent paid on the property would then be recalculated therefore being reduced dependent on the amount of shares that had been purchased.

Mychoicehomeby

Mychoicehomeby gives the buyer the opportunity to purchase a home on the open market weather brand new, second-hand or from a private developer, this option will offer you the home buyer the ability to obtain a shared equity loan to purchase the property.

The buyer has the ability to go out and find a property then apply for a sheared equity loans of between 15% to 50% of the property's market value, you will then repay that loan at a monthly interest rate of 1.75% which will increase with the rate of inflation, if you have savings it is wise to put this towards your deposit, a criteria for this scheme would be that you must be eligible for a mortgage.

On completion of the full mortgage term all loan and fees must have been paid in full, you also have the option to pay off all or part of the equity loan at any point within duration of the mortgages life span, if you sell your property before the completion of the mortgage the equity loan is repaid as a percentage of the property’s market value at the time of sale.

Homebuy direct

On selected newbuild developments you can obtain an equity loan of up to 30% of the market value of a property and you buy the other 70%, the 30% if there to assist you with your purchase, the equity loan repayments will only start after five years into the mortgage life which will be repaid at a low interest rate of 1.75% thereafter increasing with the current rate of inflation.

It is ecessary to obtain a mortgage to join this scheme. You have the ability to buy additional shares in your property and pull your own the property outright, by international shares will be calculated at the current market value of your property at the time of purchase, upon the sale of your property the equity loan will be repaid as a percentage at the current market value at the time the property goes on the market.

Ownhome

The co-operative bank offer people the option to use their ownhome equity loans, you are the buyer go out in marketplace can find a suitable property then the co-operative bank after you apply for will give you an equity loan of between 20% to 40% of your property market value a plus point of this is that you will have no interest payments for the first five years of the mortgages life subsequent to that you all have a 1.75% fixed interest rate charge, this will increase after a further five years on a fixed interest rate fee or 3.75%. The mortgage you take out must be taken out through the co-operative bank is the only stipulation to be accepted for the ownhome scheme. You must have paid off the equity loan in full by the full term of the mortgage; you were told that the option repaid the equity loan at any time during the lifetime of the mortgage.

Rent to homebuy

Rent to homebuy offers you the option to rent a property for a stipulated period of time on the understanding that at the completion of this stipulated time period you will purchase a share in that property.

Shorthold tenancies are made available on a variety of properties through housing associations at an affordable rent of 80% or less at the current rental market value, to be eligible you would have had to agree it if it time period after which the consensus would be that you would purchase the property through the terms of the new build homeby a scheme.

The purpose of the agreed rental period it's so you are given the time and opportunity to save a deposit towards the purchase of a share in the property

There are various housing associations offering the same products with different names we spoke off rent to homeby there is also try before you buy, rent or buy etc, you must be sure you fully understand which scheme you want when speaking to any specific housing association.

Throughout the rental period you will have the option to purchase a share in the property, when the rental period has concluded you would then go through an assessment, this assessment is to determine your eligibility to commence with your intention to purchase a share in the property.

Home ownership for people with long-term disabilities

People with long-term disabilities a few housing associations are offering assistance to production should share in a property, this can be very hard to receive as there are only a small number of housing associations offering this scheme.

Social Homebuy

If you are already renting a home through the local authority or a housing association social Home by gives you the opportunity to purchase a share in that property, the minimum share allowed is 25% while the remainder will still be owned by your landlord i.e. a housing association or have no authority. We don't be charged by your landlord on the equity they retain an affordable rent, you will retain the option to purchase 100% of the property or even increasing your shares period of time until you are 100% of the property.

If in time you wish to resell the property and the shears owned by the housing association/local authority will be marketed to other people in need giving them the benefit to use the scheme.

Resale

You may purchase shares of up to 75% minimum is 25% of the market value of the property at the time it would have been put on the market, you were then pay a affordable rent (subsidised) on the remaining shares in the property.

You may continue to apply shears in the property until you own 100%.

If there after you want to sell the property the shares will be marketed to other people in need you may benefit from the scheme, the property will be sold at the current market value.

Be a informed consumer

You can find more in-depth information from the websites listed below; it is always a sensible decision to research before you commit to any scheme.

Directgov

Here you will find more information on all the topics covered in this article.