Affordable home ownership

Are you in housing need? Would you like to get on the property ladder but cannot afford to purchase your own property on the open market?

HomeBuy

HomeBuy is the brand name for various types of low cost home ownership schemes run by housing associations which could assist you to make that first step on the property ladder.

The First Time Buyer's Initiative

Another type of scheme is the First Time Buyers Initiative, which works in a slightly different way. At least 50% of the property must be purchased initially, and a loan is made to you for the rest of the value. No interest is payable on the loan for the first three years, with 1% payable in year four, 2% in year five, and 3% thereafter. The amount you owe is fixed to the percentage you borrowed - if you borrow 50%, you owe 50% of the value at time of sale whether higher or lower - but you don't have to repay anything until the house is sold.

There are many more options available on the Orbit HomeBuy website .

A share in the property is purchased by you, using a mortgage if required. This share can be as low as 25%, or sometimes as high as 75%. A monthly rent is payable to a housing association for the rest. Often, you have the option to increase your share of the property, as your circumstances change, although this is not always possible, particularly in small villages.