Featured Properties
Welcome to the HomeBuyAgents Web-Site
A Homebuy Agent is a registered social landlord who markets housing schemes for first time buyers who could not afford to buy a property without help. We will process your application and assess whether you are eligible for a HomeBuy scheme. Before you decide which scheme to go for, we would advise you to talk to an Independent Financial Advisor (who should be registered with the FSA). An IFA will be able to help you choose which is the best scheme for you.
These are some of the schemes available:
- New Build HomeBuy - with this scheme you would normally buy 50% of a new property and rent the rest. The rent you pay will be no more than 3% of the rented share - so if you buy 50% of a property that costs £100,000, your rent will be no more than 3% of £50,000 . Also available are re-sale Shared Ownership properties of existing shared owners who are moving on.
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Open Market HomeBuy - these schemes allow you to buy a property from the open market, usually by choosing a property via an estate agent. Two new equity loan schemes were launched on 1st April 2008:
The Ownhome scheme provides an equity share of between 20% and 40% of the cost of a property. You won't have to pay any interest on your unowned share for the first 5 years. After that you will have to pay interest at a fixed rate of 1.75% each year. After a further 5 years this increases to a fixed rate of 3.75% a year. This scheme is offered by Places for People, a property management and development company in partnership with the Co-operative Bank.
The MyChoice HomeBuy scheme provides an equity share of between 15% and 50% of the cost of a property. You will pay a fee of 1.75% on your unowned share from day one. This will increase by up to RPI plus 1% every year. This scheme, offered by a consortium of housing associations, allows you to choose to take out your mortgage with any approved high street lender.
For more information about either of these OpenMarket HomeBuy schemes please contact us on 0845 607 6726.
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Social HomeBuy - this scheme allows you to purchase your existing Social Rented property under a part buy / part rent agreement.
- Intermediate Rent - this is a scheme for Key Workers who cannot afford private rents within a reasonable distance of their place of work.
- English Partnership First Time Buyers Initiative (FTBI) This scheme allows you to buy a new build home on an FTBI development with an affordable mortgage and with government assistance. You buy a minimum of 50% of the property with a mortgage and the government provides an equity loan for the remainder. For the first 3 years there is nothing to pay on the amount that the government contributed. After 3 years, you will pay a fee of 1% on the amount the government funded. This fee will increase each year reaching a maximum of 3% after 5 years in the property. When you decide to sell your property, you repay the government's contribution by way of a share of the sale proceeds.
Currently in the West Midlands we are marketing five First Time Buyer Initiative sites. These are:
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Housing schemes for people aged over 55 - if you already have your own home and have some equity in it, or if you have some equity from a previous sale, you may be able to purchase a share in a property which is more suitable for your needs, without needing a mortgage. Many housing associations have schemes (sometimes called Leasehold Schemes) which cater for these individual circumstances. To find out more, you will need to contact your local housing association directly, and they will be able to give you further information.