Homes 4 Wiltshire :: Choice Based Lettings

Low Cost Home Ownership

What is Low Cost Home Ownership?

If you are considering buying your own home but cannot afford to do so outright, either because you cannot afford the full mortgage repayments or the deposit or both, then low cost home ownership may be an option for you. Some schemes may offer you the opportunity to purchase a share in a property, with the option of buying more shares later on. Other schemes will provide you with a loan to enable you to purchase a property of your own choosing.

What Low Cost Home Ownership options are there?

HomeBuy is the governments low cost home ownership scheme. For many people, HomeBuy provides the best opportunity to own a home in the area in which they want to live and work.

Schemes which enable you to buy a home

• New Build HomeBuy - you share ownership of your home with a housing association, paying a mortgage on the part you own plus affordable rent on the portion you do not own.
• HomeBuy Direct - you buy a selected newly built property with the assistance of an equity loan of up to 30%.
• First Time Buyers' Initiative (FTBi) -  you buy a selected a newly built property with the assistance of an equity loan of up to 50%.
• H.O.L.D (Home Ownership for people with long term disabilities) - housing options for those with long-term disabilities.

Schemes which enable you to rent a home

• Rent to HomeBuy - you pay reduced rent on a new build home for up to five years, to help you save for a deposit and purchase the property.
• Intermediate Rent - you pay reduced rent of around 80% of normal market rents.

If you are unable to purchase a property on the open market without assistance, you may be eligible for one of the Home Buy products. Please contact your local HomeBuy agent to find out whether you are eligible and if so, which product is most suitable for you.

Freephone: 0300 100 0021
Email: info@southwesthomes.org.uk
Website: www.southwesthomes.org.uk