Home ownership schemes
With the current level of house prices in the UK, many people simply cannot afford to buy a home, whether that's by getting a deposit and a mortgage together themselves, or by
getting financial help from family.
If you're in this situation, don't despair as there are other alternatives worth considering.
The Government has a number of different home ownership schemes that are available to people who cannot afford to buy a home without help, but who can
meet the long-term financial commitment of home ownership - most of these schemes come under the title 'HomeBuy'.
The HomeBuy Scheme
HomeBuy enables social tenants, key workers and first time buyers to buy a share of a home and get a first step on the housing ladder. The two main HomeBuy options are:
- HomeBuy Direct - allows you to buy a property on certain new-home sites through an equity loan of up to 30 per cent of the property's value
- New Build HomeBuy - allows you to buy a share of a newly built property and pay rent on the remainder
Both these schemes are open to households in England earning less than £60,000 a year who would otherwise be unable to buy.
You may be eligible if you are either a:
- first time buyer
- previous home owner who can't now afford to buy without help (perhaps because you have broken up with your partner)
- housing association or council tenant
- 'key worker' (a key public sector worker, like a nurse or teacher - see list below)
How to apply
The schemes are run by 'HomeBuy agents' who are appointed housing associations - these are non-profit organisations that manage housing
for people having difficulty buying a home. They will help you through the application process.
Each HomeBuy agent is likely to recommend someone you can go to for mortgage advice, but you're free to seek advice yourself. L&C offers free, expert advice on the mortgages available
through these HomeBuy schemes.
If you're eligible and want to speak to one of our advisers, call us now on 0845 002 0132 or request a callback below.
Useful links
For more information on these schemes and to find your local HomeBuy agent, visit http://www.direct.gov.uk/en/index.htm
For information on similar schemes in Scotland and Wales visit:
Request call back
For free, no-obligation mortgage advice, you can speak to one of our expert advisers on:
0845 002 0132
Or request a call back: