New Build HomeBuy, formally known as Shared Ownership, is designed to help people who cannot afford to buy a property outright. It enables eligible people to usually buy either 25%, 50% or 75% of a property, by way of a mortgage and you will then simply pay a subsidised rent on the remainder.
Should your financial circumstances improve, then you could purchase further shares at a later date if you wanted to. This is known as ‘staircasing’. It is important to note that in rural developments within the Peak District National Park and rural developments, granted planning permission by the Rural Exceptions Policy (H10), staircasing will be restricted to a maximum of 70% or 80% ownership.
This scheme is designed to particularly help first time buyers who are either:
To be eligible for consideration, you must not be able to purchase a suitable property for your needs on the open market.
You must have sufficient income to raise at least 25% of the open market value of a property and be able to pay the rent on the remaining share, which is retained by the Housing Association. A financial assessment will be carried out. As a general guide:
Some housing associations may also charge a service charge, estate charge and ground rent. You will need to take this into account when considering affordability issues. Shared owners have the responsibility of an owner occupier and are responsible for all the repairs and insurance.
To apply for shared ownership housing you need to do the following things:
Register on all these schemes, as it will give you the best chance of finding a property, which is suitable for you.
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