If you want the opportunity to own your home, there are a number of options for you through both shared ownership and low cost ownership.

HomeBuy is the Government's affordable home ownership scheme, offering part rent/part buy options. South West Homes is a Government appointed HomeBuy Agent providing a "one-stop-shop" service for home ownership opportunities.

HomeBuy products include:

Shared Ownership

  • This is a part buy/part rent scheme
  • Homes can be flats or houses but must be new builds
  • You can usually buy a share between 25% and 75% of the market value
  • You need a mortgage for the part you buy and will pay rent to a Registered Provider (Housing Association)
  • You can usually buy additional shares at a later date until you own 100% of your home.

HomeBuy Direct

  • You buy 100% of your home, but only have to cover 70% with your mortgage and deposit
  • The remainder is covered by an equity loan
  • There is nothing to pay on the loan for five years after which there is a small charge which increases each year

Rent to HomeBuy

  • Only available on selected new developments
  • You rent a new build home for a period of time from a Registered Provider and are then expected to buy a share of it through the shared ownership scheme at the end of the rental period
  • This enables you to save for a deposit whilst renting a home

First Buy

This is an affordable housing deposit assistance scheme aiming to make more new affordable homes available.
 

Am I eligible for the scheme?

To be eligible for the scheme:

  • Your household income will be less than £60,000
  • You are unable to afford to purchase a home
  • You can access savings or sufficient funds to pay a deposit and other costs of moving
  • You are not a home owner or named on a home mortgage
  • You have a good credit history

How do I apply?

To explore more low home ownership options and find out if you qualify. Go to the Help to Buy South West website.