New Build Homebuy offers you the chance to buy a home of your own if you are unable to buy on the open market.
New Build Homebuy is a form of low cost home ownership which enables
you to buy an equity share in a property funded by a mortgage and/or
savings, and to pay a proportionate rent on the part owned by One
Housing Group. When you can afford to, you may purchase further shares
so you can eventually own your own home.
How does it work?
You purchase a share of the property based upon a price set by an
independent surveyor. The minimum initial equity you purchase will be
determined by One Housing Group and would be based upon affordability.
The percentage initially purchased is usually between 35% and 75%,
although you can purchase more if you can afford to do so. This is also
known as 'staircasing'.
|
How is rent calculated?
The rent you pay is calculated on the share of the property that is
owned by One Housing Group, therefore if you buy further shares in your
home your rent will reduce accordingly.
Selection and Allocation Criteria
There are 2 potential sources of New Build HomeBuy sales:
1. New properties - this is the development programme. The Group, with
funding from the Housing Corporation, will develop new properties.
2. Re-sale properties - each year a number of existing leaseholders
decide to sell their property and move on. We are able to nominate new
purchasers for these properties.
Please note that these 2 options are subject to availability. |
Rent
to Homebuy is a great opportunity to give you independence and choice.
Independence to live in your own home and the choice to decide when you
want to buy, giving you the chance to try out your home before buying.
Rent to Homebuy is a new affordable home initiative launched by the
Government this year as part of the 'Facing the Housing Market
Challenge' with the aim of helping First Time Buyers get onto the
property ladder. We all want a place of our own but in the current
housing market buying is not an option for everyone - especially First
Time Buyers who are struggling to save a deposit.
|
Rent to Homebuy allows you to:
* Rent a property at 80% of the market value for a maximum of 3 years.
* Save towards a deposit for when you buy.
* Buy flexible shares usually from 25-40% of the full sale price in your property at any time within 3 years.
To assist you in buying, we will offer up to £5,000 in the first year
or up to £3,000 in the second year. |