Affordable Housing Options: First Time Buyers
New Build HomeBuy
This part-rent part buy scheme, popularly known as a shared ownership, is aimed at helping first time buyers get on the property ladder.When they can afford it, people can buy more shares of the property. All homes for sale on this scheme are new builds.
FIRST TIME BUYERS Initiative
Similar to Open Market HomeBuy but for first time buyers purchasing a home that has been built as part of a First Time Buyer Initiative development. Under this initiative, the homes are bought with an affordable mortgage and government assistance. When the home is sold the government is entitled to a share of the sale proceeds.
Open Market HomeBuy
This is defined by to those who want to find their own home on the open market, and can raise a mortgage for 75 per cent of the purchase price . The other 25 per cent of the property is bought using interest-free loans from the government and approved lenders. If the home buyer sells or stops meeting the eligible criteria, the loan has to be paid back.
Social HomeBuy
This allows social housing tenants to buy their current social housing home on a shared ownership basis with the benefit of a discount. This offers people the chance to acquire a new or refurbished home with rent subsidised by 80% in comparison to what a private landlord would normally charge.
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