Homebuy is a government funded programme of low cost affordable home ownership. The scheme helps people who wish to buy a property but cannot afford to do so. Homebuy is primarily targeted at public sector key workers and council or Housing Association tenants.
There are three main schemes available for those who wish to purchase a property :
Open Market Homebuy : Offers an equity loan so that you can purchase approximately 75% of the equity of the property of your choice subject to certain criteria. The remaining 25% is funded through the an equity loan which has no interest or loan repayments. Open Market Homebuy is mainly for key workers.
New Build Homebuy : Offers new homes on a part buy/part rent basis where you purchase a % share in the property and pay a discounted rent to the housing association on the remaining share.
Social Homebuy : Offers some housing association tenants the opportunity to buy a share in their home
If you are a Key Worker and employed in one of the following groups you may be eligible for assistance under the
Homebuy scheme :
NHS – All clinical staff employed by the NHS except doctors and dentists.
Education – Qualified teachers in schools and sixth form colleges, lecturers in FE Colleges, childrens social workers, qualified nursery nurses in LEA nursery schools only.
Police – Police officers and community support officers including those working for the British Transport Police and Civil Nuclear Constabulary in certain areas. Some front line civilian police roles are included but this varies by force.
Prison Service – Prison officers and realted grades, operational support grades,nursing staff, industrials and instructional officers working at specified locations.
Probation Service – Probation officers, senior probation officers, probation service officers. Trainee probation Officers for discounted rent properties only.
Local Authority – Local authority employed clinical staff, adult social workers, occupational therapists, educational pyschologists, speech and language therapists, rehabilitation officers for the visually impaired. Nursery nurses. Local authority planners employed by the local planning authority.
Fire Fighters – Uniformed fire and rescue staff below principal level
To find out how much you can borrow under the Homebuy scheme please call to speak to an adviser on 0870 345 3131
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON