The HomeBuy Agent
The council no longer keeps a register of enquiries for Low Cost Home Ownership. Keyhomes East is the region’s HomeBuy Agent and they provide a “one stop shop” for people who are interested in the HomeBuy schemes. You can telephone Keyhomes East on 0845 456 6757 or you can log on to their web site (see "External Links" on this page) to register with them and to see current information about the HomeBuy products currently available.
The web site also has details about low cost properties available in the region and is constantly updated by housing associations as they complete new homes. When a new home becomes available, the housing association will ask the HomeBuy Agent for details of people who have enquired about a home in that area so that everyone on the register has an opportunity to apply.
The HomeBuy Schemes
HomeBuy is a government funded programme of low cost affordable home ownership. It includes the following products which are explained in more detail on the Keyhomes East website.
MyChoiceHomeBuy
can contribute an equity loan of up to 50% of the price of a home you buy on the open market. The type of home you can buy and its price will depend on your household needs, local property prices and the amount you can afford to contribute to the purchase yourself. There is a fee of 1.75% on the loan.
Keyhomes East may also contribute £1,500 towards moving costs for recipients of MyChoiceHomeBuy but these funds are limited and will be granted on a first come first serve basis.
Ownhome
is an equity loan of between 20% and 40% of the purchase price of a new home. It is provided in partnership with the housing association ‘Places for People’ and Cooperative Financial Services. The loan can be used in conjunction with any conventional mortgage from the Cooperative bank.
The interest payments on the Ownhome loan are:
0% per annum for the first five years
1.75% per annum for the next five years
3.75% per annum thereafter
New Build HomeBuy
offers new homes on a part buy/part rent basis where you purchase a share in the property (typically 50%) and pay a discounted rent to the housing association on the remaining share.
New Build discounted rent
provides new homes at approximately 80% of market rents for homes of similar size and specification in the surrounding areas. These are available only to key workers.
Social HomeBuy
offers some housing association tenants the opportunity to buy a share in their home. Contact your landlord if you are a Housing Association tenant and are interested in buying your home through the Social HomeBuy scheme.
HOLD: Home Ownership for people with Long term Disabilities
is designed to help people with a long term disability to purchase a home on the open market on a shared ownership basis. The usual shared ownership requirements apply. The HomeBuy Agent will refer applicants to the local specialist provider.