MyChoiceHomeBuy

MyChoiceHomebuy

MyChoiceHomeBuy is a government funded shared equity product. Its aim is to help social tenants, key workers and first time buyers who cannot afford to buy a suitable home in the area where they live or work.

MyChoiceHomeBuy can help people who earn between £20,000-60,000 p.a. to buy their own home on the open market. You will own the home and our loan will be secured by a second charge against the property.

Who can apply for MyChoiceHomeBuy?

All first time buyers earning less than £60,000 can apply, provided they cannot afford to buy a property to suit their basic household needs on the open market. The scheme is demand-led, based on affordability. Although most first time buyers are now eligible, we will continue to prioritise social tenants and public sector key workers who apply.

We can also help people who have previously owned properties but are now unable to buy without assistance, for example in the case of relationship breakdowns, or families who are over-crowded in their existing homes.

Funding for MyChoiceHomeBuy is available on a first come first served basis, however priority is given to:

• Social tenants i.e. existing housing association and council tenants
• Public sector key workers (link to ‘Am I eligible?’ http://www.homebuy.co.uk/homebuy/eligible.asp)

Who qualifies as a key worker?
Key workers are defined by the government. To clarify whether you are in a qualifying key worker role please click here.

How does it work?

After your application has been approved to proceed, you choose a suitable property (usually through an estate agent or a developer) on the open market. You will need to obtain a mortgage through a bank or building society. When the property you choose is approved by one of the MyChoiceHomeBuy providers, you pay a percentage of the purchase price with a mortgage and any savings or deposit you may have.

Your local MyChoiceHomeBuy provider will give you a shared equity loan to cover the remainder of the purchase price between 15% and 50% of the property value, depending on your individual circumstances. There is a low monthly interest charge on the loan of 1.75% per annum, this will increase annually in line with inflation. The loan is redeemed in full when the property is sold. We recommend that you speak to an independent financial advisor for guidance on mortgages, the equity loan and the terms of repayment. 

To apply for MyChoiceHomeBuy please click here.

Click below for MyChoiceHomeBuy leaflet.

MyChoiceHomebuy

Your home is at risk if you do not keep up rent and mortgage payments.

Please note that the value of properties can go down as well as up.