New Build HomeBuy
Also known as a shared ownership scheme, a part-buy part-rent scheme, aimed at helping first time buyers get on the property ladder.The option is available for people to buy more shares of the property for those who can afford it. All homes for sale on this scheme are new builds.
Open Market HomeBuy
The remaining 25 per cent of the property is bought using interest-free loans from the government and approved lenders. On sale of the property by the home buyer or failure in meeting the eligibility criteria, then the loan has to be paid back.
This allows social housing tenants to buy their current social housing home on a shared ownership basis with the benefit of a discount. But not all social landlords offer this option.
FIRST TIME BUYERS Initiative
Similar to Open Market HomeBuy but for first time buyers purchasing a home that has been built as part of a First Time Buyer Initiative development. Under this initiative, the homes are bought with an affordable mortgage and government assistance. When the home is sold the government is entitled to a share of the sale proceeds.
This offers people the chance to acquire a new or refurbished home with rent subsidised by 80% in comparison to what a private landlord would normally charge.
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