Buying a home
Buying a home is a major financial commitment that will involve immediate costs, like legal fees, any deposit and possibly Stamp Duty Land Tax. You’ll also have to pay ongoing costs, like paying the mortgage, repairs and service charges. However, once you’ve made the decision we can help you get onto the property ladder through our partner Metropolitan Home Ownership (MHO).
If you are on a low or moderate income, there are some easy and affordable ways for you to be able to afford a home of your own. These include:
New Build HomeBuy
New Build HomeBuy is a scheme which enables you to buy a share in a brand new or refurbished home from MHO. The scheme allows you to buy between 25% and 75% of your new home and pay MHO a discounted rent on the remainder. You can buy more shares until you own your home outright or you can choose to stay as you are.
New Build HomeBuy is available to existing social housing tenants, people on local authority waiting lists, key workers and those who have a priority need for housing. The scheme is also open to first-time buyers who have a combined household income of up to £60,000. You need to be able to take out a mortgage to pay for the share that you want to purchase.
Resales
Resale homes offer you the opportunity to buy a previously owned home on a part buy, part rent basis. We hold a list of properties that current owners of New Build HomeBuy homes would like to sell. These homes are available to those looking to buy a share in a property.
HomeBuy Direct
HomeBuy Direct is a new shared equity product designed to help qualifying first-time buyers buy a home direct from a property developer. It offers eligible first-time buyers the opportunity to buy a new home with the help of an equity loan of up to 30% of the home's market value. The equity loan will be interest free for the first five years with a charge payable from year 6.
Social HomeBuy
Social HomeBuy allows residents to buy their home on a part buy, part-rent basis receiving a discount on the price of the property.
First Time Buyers Initiative (FTBI)
The scheme enables first time buyers, who cannot otherwise afford to buy a home outright, to buy a minimum 50% share of a new home on a designated FTBI development
Visit the MHO website for more information on how to get on the property ladder.
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