:: Key Homes East


	:: About Mortgage Types :: KHE Jargon Buster :: What is New Build Homebuy? :: What is Homebuy? :: What is MyChoiceHomebuy? :: What is Ownhome? :: What is Intermediate Rent? :: What is HomeBuy Agent? :: What is First Time Buyer? :: Am I Eligible to Apply? :: Case Studies :: Customer Feedback :: Frequently Asked Questions :: Help

HomeBuy is a government funded programme of low cost affordable home ownership. It covers the following broad types of product.

What is MyChoiceHomeBuy?

This scheme can contribute up to 50% of the price of a home you buy on the open market (i.e. through an estate agent).

The type of home you can buy and its price will depend on your household needs, average local property prices and the amount you can afford to contribute to the purchase yourself.

You will pay a small fee of 1.75% on the equity loan we contribute to your purchase.

Example:

Purchase price	£160,000.00
You get a 60% mortgage	£96,000.00
Equity loan for the remaining 40%	£64,000.00
Charge for loan	£64,00.00 x 1.75% = £1120 per year or £93.33 per month

With this scheme you own the property and our contribution is converted into a percentage of the price e.g. 40% as in the example above. When you sell the property or simply want to pay the loan back, a new valuation is carried out and you pay us the amount this percentage is worth at the time. This will be the case whether the value goes up or down.

This scheme can be used in conjunction with any conventional mortgage.

Keyhomes East will provide a contribution of £1500 towards the costs of moving home for recipients of an equity loan through MyChoiceHomeBuy. This grant will be paid on completion and is limited to a first come, first served basis.

The government has made extra funding available for MyChoiceHomeBuy if you are buying a new build property.

What is Ownhome?
This scheme is an equity loan of between 20% and 40% of the purchase price provided in partnership with the Housing Association Places for People and Cooperative Financial Services which can be used in conjunction with any conventional mortgage from the Cooperative bank.

There are no interest payments on the Ownhome loan for the first five years. After five years you would be charged a fixed rate of 1.75% interest on your Ownhome loan each year. After a further five years this would increase to a fixed rate of 3.75% per annum.

The Ownhome is an equity loan – which means it is a percentage of the value of your property. So the amount you owe increases or decreases with the rise or fall in the value of your home. The greater the increase in the value of your home, the more you will have to pay back.

If you would like to apply please call Ownhome on 0845 607 0110 or visit www.ownhome.co.uk
New Build HomeBuy offers new homes on a part buy/part rent basis where you purchase a share in the property, typically 50%, and pay a discounted rent to the housing association on the remaining share.

New Build discounted rent – new homes available at approximately 80% of market rents for homes of similar size and specification in the surrounding areas. These are available only to key workers.

Social HomeBuy – offers some housing association tenants the opportunity to buy a share in their home. You will need to contact your own landlord if you are interested in buying your housing association rented home.

HOLD: Home Ownership for people with Long term Disabilities

This programme is designed to assist people with a long term disability purchase a home on the open market on a shared ownership basis. The usual shared ownership requirements apply.

Prospective applicants should contact the HomeBuy Agent in the first instance, who will then refer them on to the local specialist provider.

Supporting PDF documentation:

Have you Heard about MyChoiceHomeBuy?

Have you heard about New Build HomeBuy?

How Ownhome Works?

Supporting information from [ housingcorp.gov.uk ]