Affordable Home Ownership Schemes
To view a leaflet on Introduction to your Help to Buy options clilck here
Help to Buy offers a number of different options for purchasing an affordable new or existing shared ownership home. These Help to Buy schemes are funded by the Government, through the Homes & Communities Agency.
You buy the share of your home you can afford (between 25% and 75%) and pay a subsidised rent on the remainder.
You can buy more shares until in most cases you own 100% of your home.
You may see Shared Ownership referred to as part buy/part rent.
You can get help from another home ownership scheme called ‘Older People’s Shared Ownership’ if you’re aged 55 or over.
It works in the same way as the general shared ownership scheme, but you can only buy up to 75% of your home. Once you own 75% you won’t have to pay rent on the remaining share.
HOLD is a specially tailored option to assist people with long-term disabilities to purchase a share in a property.
Home Ownership for People with Long-term Disabilities (HOLD) is not a separate housing product but a route into shared ownership.
These are properties that have already been bought through shared ownership in the past, and where the owners are looking to sell their share and move on.
You buy the share they are selling and pay a subsidised rent on the remainder.
Help to Buy Equity Loan
The Help to Buy Equity Loan scheme is available to both first time buyers and those that have bought a property before. If you have the minimum 5% deposit and want to buy a new build home, you'll be able to access the Help to Buy Equity Loan scheme. You will need to be able to take out a mortgage for 75% of the value of the property and the remaining 20% will be funded by the government.
Developers’ own scheme
Many private housing developers have their own equity loan scheme, and the details vary but in general you pay for 70% and 85% of the value of your property, and the rest is covered by an equity loan.
There is often nothing to pay for this loan, but you are expected to buy the remaining equity within 10 years.
Rent to Buy
If you don't want to buy right now and need more time to save for a deposit to purchase a new home, then renting a home at a lower rent may be a good option for you.
This is available on selected new developments and gives you the opportunity to rent the home you wish to buy at a reduced rate, on the understanding that you will buy it through shared ownership within a. specific time.
Who can apply?
Applicants must meet some basic eligibility criteria as follows:
Recommend following guidelines
Apply by registering your details on-line at www.helptobuysouth.co.uk
For further information contact:
Swindon Homebid Team
Tel: 01793 445503
Or alternatively contact the HomeBuy agents on 0800 456 1188
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