This section of the website provides information and advice about the options available in Tandridge for low cost home ownership, including New Build HomeBuy and Open Market HomeBuy.
On 1 April 2007 the Council changed the way that people can apply for low cost home ownership schemes in the District. From this date, all new applications should be made directly to the Goverment's HomeBuy Agents via the websites www.homebuy4u.co.uk and www.ownhome.co.uk
+++ Available Now twelve two-bed apartments at Gilbert Court, Stafford Road in Caterham+++
What is New Build HomeBuy and how does it work?
New Build HomeBuy is a part-buy/part-rent scheme offering you the opportunity to buy what you can afford now so you don't overstretch yourself financially. It also allows you to increase the stake you own in your newly-built property when you can afford to do so.
Homes are sold as leasehold properties on shared ownership terms - they can be flats or houses; newly built or occasionally newly refurbished. You can purchase as little as 25% and up to a usual initial maximum of 75%. You will need to be able raise a mortgage for the share you want to purchase, and you will pay a subsidised rent on the share you don't own. Total monthly payments offer an affordable option to help you on to the property ladder.
You can usually buy additional shares at a later date until you own 100%. This is known as 'staircasing'. When you want to sell the property you can sell the share you own through your housing association allowing further households to benefit from low-cost home ownership. The property is resold at market value and you will benefit from any equity which has built up on the share that you own.
Other information
New Build HomeBuy has traditionally been known as Shared Ownership, Part-buy/Part-rent and Shared Equity.
Applicants applying for New Build HomeBuy will automatically be sent details of available properties for Resale.
Please click on the First Time Buyers Fact Sheet for further information.
What other schemes are available?
There are now two other Government-backed schemes which help people to buy a home on the open market by allowing access to additional money in the form of equity loans to supplement a mortgage.
For full details of the OwnHome scheme provided by the Places for People Group and the Co-operative Bank, please go to www.ownhome.co.uk
For full details of the MyChoiceHomeBuy and New Build HomeBuy schemes, you should visit www.homebuy4u.co.uk.
Important information
Prospective purchasers are advised to seek their own legal and financial advice. Independent Financial Advisors will give advice and guidance on equity loans, shared-equity, mortgages and repayment criteria.
Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.
| Related Pages: |
| House ownership Estates management (Pages) |
| Property purchase (home ownership) Key workers (Pages) |
