Homebuy

Homebuy is aimed at people who cannot afford to buy a property outright on the market but could afford 75% without financially over-stretching themselves. It helps people who are already in Social Housing to buy properties on the open market, which results in the vacated house becoming available to be re-let to meet local needs. The funding for the scheme is provided by the Housing Corporation.

How does Homebuy work?

If you qualify for the scheme, you begin by finding a property that you wish to buy on the open market. There is a maximum price limit on the house you can buy and it has to be in good condition.  You then contribute 75% of the purchase price using a mortgage and savings, and the Housing Association lends you the remaining 25%.

Who is eligible for Homebuy?

Priority is given to existing tenants of Housing Associations, but those who are the Housing Needs Register and are nominated by the Council are also eligible to apply for the scheme. You will not eligible if own your own home.

You should :

The remaining 25% of the property’s purchase price would be funded by the Housing Association, and there would be no interest payable on this part of the loan. You do not need to re-pay this until you sell your home and you can repay the loan at any time. However, it is important you realise that the loan must be repaid when you sell your home.

In order to progress with the Homebuy scheme, you will need to raise a deposit as with any other mortgage.  Normally this is about five or ten per cent of the market value of the property.

In North Wiltshire, Homebuy is operated by Sarsen Housing Association.  For more information please contact Sarsen on 01380 720027 or visit their website at www.sarsen.co.uk