New Build HomeBuy
Who qualifies?
People who can’t afford to buy a home without help and who are:
- a social housing tenant or
- on a housing waiting list or
- in need of a home because of a relationship breakdown or a house clearing project
or
- a first time buyer working in the area who is contributing to the economy - you
may be an office, shop or factory worker for example.
How does it work?
Flats or houses are sold with Government backing on a shared ownership, leasehold
basis. The minimum share you can buy at first is 25 per cent and the maximum is
75 per cent, although the initial share is determined by the landlord. The rest
will belong to the landlord
You will need to arrange a mortgage for the share you want to buy and ensure
you can afford the payments. You will also have to pay an affordable rent to your
landlord on the share you don’t own.
If you want and are able to you can increase your shares in your home until you
own 100 per cent of the property. This is known as ‘staircasing’.
Whenever you decide to can sell your share it will be valued independently and
sold at that price. To help keep down the cost of the sale we can help you sell
to another buyer on our waiting list or, if you own your home outright you can
sell it in the normal open market way.
