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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.

Have you Heard about MyChoiceHomeBuy?

Supporting information from [ housingcorp.gov.uk ]