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There are a number of different options under the HomeBuy scheme.

New Build HomeBuy

This is a shared ownership scheme that offers new homes for sale on a part buy/part rent basis. Homes are available through different housing associations. You can buy shares worth between 25% and 75% of the property's market value and you then pay a subsidised rent on the remaining share.

You may need to take out a mortgage to buy your share or you can use a deposit from the sale of a previous property.

At a later date, you can buy additional shares until you own 100% if you wish to. This is called staircasing and the cost of the additional shares is based on the market value of the property at the time you buy the shares.

If you later sell up, your share is marketed for sale by your housing association to allow other people who need to buy a house to benefit from low cost home ownership.

HomeBuy Direct

This option offers equity loans towards the purchase of a new build home. You buy a minimum of 70% of the market value of a property and you'll then be given a loan to cover the remaining part.

There are no payments on the loan for the first five years - after this, you will be charged a fee of 1.75% and this increases in line with inflation. You will need to take out a mortgage to take part in this scheme. But you can also use any savings as a deposit towards your share.

At a later date, you can buy additional shares until you own 100%. This is calculated on the current market value at the time you buy the extra shares.

if you later sell up, the equity loan is repaid as a percentage of the market value at the time of the sale.

For the disabled

Home Ownership for People with Long Term Disabilities (HOLD) is a scheme that allows disabled people to buy any home that is for sale on a shared ownership basis. It is offered by a small number of housing associations with limited availability.

You can only apply to own a property via HOLD if no other HomeBuy schemes meet your specific needs.

For the Armed Forces

Armed Forces Home Ownership Scheme (AFHOS) is designed specifically for members of the armed forces. If you have between four to six years of continuous services in the armed forces, the scheme is a way for you to buy a home suited to your needs, with some extra help to top up your mortgage.

It could provide you with a loan of between 15-50% of the value of the home that you choose on the open market, usually through an estate agent.

Social HomeBuy

This option offers some housing associations or local authority tenants the opportunity to buy a share in their rented home.

Tenants can buy a minimum initial share of 25% of the home and your landlord retains the remaining un-owned equity. Your landlord then charges you an affordable rent on the un-owned equity. It's possible to purchase 100% of the property.

You can buy more shares later on until you own 100%.

Rent to HomeBuy

This option offers new build homes to rent for a specified period of time with the expectation that you will buy a share of the property at the end of the rental period.

You can buy homes through a range of housing associations on assured shorthold tenancies with an affordable rent of 80% (or less) of market rents. The rent is payable for a set period ed to buy the property on the terms of New Build HomeBuy. The rental period provides you with the opportunity to save for a deposit towards buying a share in the home.

This scheme is also known as "Try before you buy" or "Rent save buy".

Lender Initial Rate Duration Standard Rate Overall Cost For Comparison Max Loan To Value Fee
2.59% 2 years 5.69% 5.4% APR 75% £999
2.69% 2 years 4.99% 4.9% APR 75% £495
2.94% 2 Years 5.69% 5.4% APR 75% £199
2.99% 2 years 4.99% 4.9% APR 85% £495
2.99% 3 years 4.99% 4.6% APR 70% £499
3.0% 2 years 5.69% 5.5% APR 80% £999
3.19% 5 Years 4.79% 4.2% APR 80% £995
3.35% To Jul 2014 4.95% 4.6% APR 75% £999
3.5% 2 years 5.49% 5.1% APR 75% £595
3.84% 2 years 3.94% 4% APR 90% £499

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