Open-market HomeBuy is the scheme previously known as HomeBuy. It is a government-backed scheme for people who cannot afford to buy a home outright but would still like the opportunity to purchase a property.
Details
Open-market HomeBuy means that:
- You can buy a home of your choice - old or new - anywhere in England
- You pay 75% of the market value and receive an interest-free loan for the remaining 25%. The remaining 25% only has to be repaid if you sell the property
- If you decide to sell the property you pay back 25% of the property value to the housing association .
In Bromley the Open-market HomeBuy scheme is operated by HousingOptions. To find out more about HousingOptions you can visit the HousingOptions website.
Eligibility
To qualify for the scheme you will normally have to be a housing association tenant. In Bromley, you will also be eligible if you have been accepted as homeless. All applicants have to meet income criteria. A full financial check will be carried out to ensure that applicants are able to meet their mortgage commitments. There are some restrictions and exclusions that apply.
You must be able to raise a mortgage and/or have the savings to pay for 75% of the price of the home you want to buy.
You will not qualify if:
- you can buy without the help of HomeBuy
- you are receiving housing benefit or have received it at any time over the last 12 months
- you are in rent arrears or in breach of your tenancy agreement
The amount you need to earn to qualify will vary depending on the area you want to buy in and the type of home you want. You will normally need savings of over £4,000 to pay for solicitor’s fees, valuation, survey and stamp duty costs. The number of places on the scheme is limited.
Next steps
The first step is to contact Tower Homes or Housing Options for an application form. Tower will assess your application and approve or reject it. If your application is approved you will be invited to attend a presentation on HomeBuy. Shortly after this you will be invited to attend an interview where your financial situation is assessed to ensure that you can afford to purchase a property. On completion of this interview, you are then free to begin looking for a property.
On-line applications can be made via the Housing Options Website.
Contacts
For further information contact:
Tower Homes Ltd
Telephone: 0800 056 5209 (freephone) or 020 8294 5000
Fax: 020 8850 8684
Email: eateam@lqgroup.org.uk
Web Site: www.towerhomes.org.uk
Address: Enquiries & Applications Team, Tower Homes Ltd , 70 Court Road , Eltham, London SE9 5NP
Housing Options
Telephone: 0845 230 8099
Web Site: www.housingoptions.co.uk