Home > HomeBuy Schemes > What are Home Buy Schemes?

What are Home Buy Schemes?

By: Christine Whitfield BA (hons) - Updated: 29 Sep 2016 | comments*Discuss
 
Affordable Housing Homebuy Open Market

The HomeBuy schemes were devised to help struggling potential homeowners. In today’s economic climate the property market is more difficult to get into than it has been for a long time and the Government has devised a series of initiatives in order to help those who cannot get onto the property ladder through the traditional method. Getting an affordable mortgage at present can be difficult with lenders rates increasing following the US credit crunch. This together with high house prices mean a borrower may not be able to take out an adequate mortgage to buy a property.As a result of this the HomeBuy schemes, among other initiatives, were devised.

What HomeBuy schemes are there?

There are three HomeBuy schemes. They are Open HomeBuy, NewBuild HomeBuy and Social HomeBuy. The NewBuild scheme acts to help potential buyers purchase a share in a new property.Open HomeBuy involves equity loans from the Government and/or a lender to add to a traditional mortgage.The Social HomeBuy scheme was devised to help social tenants i.e. tenants of housing associations and councils to buy a share in their rented property.

Which HomeBuy scheme is best for me?

The choice of which HomeBuy scheme is best for you depends on which you are eligible for. Each of the schemes has been developed for a different group of potential home owners and they are just some of the options available.

Who is eligible for NewBuild HomeBuy?

The NewBuild Home Buy scheme is not available to everyone. Those who are eligible for the scheme include housing association tenants, key workers, council tenants or those who are on the waiting list for a housing association or council property. ‘Priority’ first-time buyers are also eligible for the scheme. Whether ot not they are classed as ‘priority’ is up to the Government. A priority first-time buyer, for example, could include a person who is a key asset to the community.

Who is eligible for Social HomeBuy?

The Social HomeBuy scheme is available to any housing association or council tenants as long as the housing association or council is participating in the scheme. It is currently a voluntary scheme though so the housing association or council does not have to take part. The Government is encouraging all landlords to take part. If you are interested in applying for the HomeBuy scheme you must contact your landlord.

Who is eligible for Open HomeBuy?

The HomeBuy scheme is available to a select number of people. The eligibility criteria is similar to that of the NewBuild HomeBuy schemes. Those eligible include council and housing association tenants, key workers, those on the waiting list for a council or housing association property and ‘priority’ first-time buyers.

What if I am not eligible for any of these schemes?

If you are not eligible for any of these schemes there are other options including Right to Buy. However all of the schemes have strict criteria in terms of assessing eligibility and it may be that none of the schemes are available to you.

You might also like...
Share Your Story, Join the Discussion or Seek Advice..
I am currently privately renting in London which is expensive. I am a single parent of a 17 year old in full-time education. I would like to know if I qualify for any form of home buy scheme.
FiFi - 29-Sep-16 @ 4:12 PM
Share Your Story, Join the Discussion or Seek Advice...
Title:
(never shown)
Firstname:
(never shown)
Surname:
(never shown)
Email:
(never shown)
Nickname:
(shown)
Comment:
Validate:
Enter word:
Latest Comments
  • Richado
    Re: The Right to Acquire Scheme
    I have be living in a housing association for 18years I am currently looking into the right to acquire for our property from L&Q .…
    17 January 2020
  • Merissa
    Re: The Right to Acquire Scheme
    Do we know if the Housing Act will change to allow tenants of Housing Association properties to buy their which were bought before…
    11 January 2020
  • Alfonso
    Re: The Right to Acquire Scheme
    I am currently looking into the right to acquire for our property from ISHA. up to now they have said our property could be…
    11 January 2020
  • Mona
    Re: The Right to Acquire Scheme
    My housing association always said that I don't qualify to buy this property but they hae sent me an email that I am eligible for…
    8 January 2020
  • Vir
    Re: The Right to Acquire Scheme
    Last year I had been offered Voluntary right to buy pilot scheme of the flat which i was renting and living since 2008 from a…
    6 January 2020
  • Mortgages By James
    Re: Buying Your Council House
    Hi There, My Name is James and I am a Mortgage Adviser who takes great pride in providing right to buy mortgages. If you have any…
    6 January 2020
  • Winnie
    Re: Are You Classed as a Key Worker?
    I'm an agency nurse. Will I be legible for key worker housing?
    30 December 2019
  • Winnie
    Re: Are You Classed as a Key Worker?
    In an agency nurse. Will I be legible for key worker housing?
    30 December 2019
  • ste
    Re: The Right to Acquire Scheme
    right to acquire exempt from right to acquire rural area yet the have sold house to next door less then 2yrs agar
    6 December 2019
  • Shaz
    Re: Are You Classed as a Key Worker?
    I am a key worker in milton keynes, where can i find key workers properties and how can i apply for them?
    3 December 2019