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:
- 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.
- 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
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.