Help to Buy
What is Help to Buy?
Help to Buy is a Government programme that helps eligible individuals and families to get onto the property ladder by offering assistance in a number of different ways including part buy part rent 'shared ownership' and open market equity loan schemes.
For many people, this programme will provide the best chance of owning a home in the area in which they want to live and work.
Whether you are looking to get onto the housing ladder or move up it, there are a number of Help to Buy products designed to make buying a home more affordable, including:
Shared ownership - New build and Re-sales
Depending on how much you can afford, shared ownership allows you to buy a percentage share of a property while a local housing association retains the other share.
It is sometimes known as "part-buy part-rent" because you will then be charged a rental payment on the remaining share owned by the housing association. In most cases shared owners can choose to buy additional shares later on to increase their equity.
The Help to Buy equity loan is designed to help you purchase specific new-build properties priced up to £600,000 from participating registered developers with as little as a 5% deposit.
The Government lends you up to 20% of the cost of your new-build home, so you'll only need to provide a 5% cash deposit and a 75% mortgage to make up the rest. You also won't be charged loan fees on the 20% loan for the first five years of owning your home
Want to find out more?
bpha are delivering this service on behalf of the Homes and Communities Agency in the East and South East of England. For more information please visit shared ownership or call 03333 214044
If you interested in buying in another area please visit Help to Buy to find details of the local Help to Buy agent for that region.
South Bucks and Catalyst Housing Ltd Equity Loan
South Bucks also works in partnership with Catalyst Housing Ltd to deliver an Open Market Home Purchase Equity Loan scheme called 'YourChoice' providing up to £100,000 to help make your aspiration of homeownership a reality. Funds are limited and conditions apply so if you think you could be interested please do not delay.
I want to buy in South Bucks - do I qualify?
In order to be given priority for any affordable home purchase opportunities in South Bucks area you usually need to be:
A first time buyer or someone whose circumstances have changed very significantly following divorce for example,
- And live or work within the South Bucks area
- And registered on the Housing Register or an existing RSL / Housing Association tenant
- And earn less than £60,000pa and are unable to afford to purchase a suitable property outright.
- You will need to be able to obtain a mortgage and have sufficient savings to fund a deposit of usually at least 10% of the value of the share being offered as well as money available to pay purchase expenses for survey, solicitor and Stamp Duty etc.
The 'YourChoice' scheme has some specific additional qualification requirements - please see the leaflet for full details