Mortgages available Equivalent to 100% subject to acceptance of government loan.
What Help is Available?
These products are available to help you into home ownership through the national Homebuy programme:
Open Market HomeBuy
Who is eligible?
Three main groups are eligible for Open Market HomeBuy. Those who are unable to buy a home without help who are:
|
1. |
Existing Local Authority and Housing Association tenants, or those with a priority need on a housing waiting list |
|
2. |
Key workers (i.e. education, health and police). In Cumbria tourism, agriculture and sectors that improve the county's economy are also considered |
|
3. |
Other priority first time buyers |
Other situations are considered, for example those in need of a home following a relationship breakdown or if the property is unsuitable for current needs.
What options are available?
There are two Open Market HomeBuy options available -
MyChoiceHomeBuy & Ownhome.
MyChoiceHomeBuy is part funded by the government and is offered by eight housing associations, each of which is an equity loan provider in its own right.
Key features of the MyChoiceHomeBuy product include:
|
· |
Available throughout England |
|
· |
You can borrow between 15% and 50% of the property price |
|
· |
For example, if you qualified for a mortgage of £60,000, you could buy a property for a maximum of £120,000 (depending on your circumstances) |
|
· |
The maximum equity loan available is £65,000 |
|
· |
You must maximise your mortgage potential i.e. the MyChoiceHomeBuy loan will be a ‘top-up’ loan |
|
· |
You will pay a monthly interest on the loan based on 1.75% a year (this will rise in line with inflation each year) |
|
· |
You would be able to obtain a conventional mortgage from a range of lenders who will take a first charge on the property |
You will own the home and the equity loan will be secured by a second charge against the property.
The MyChoiceHomeBuy loan is an equity loan - which means it is based on a percentage of the value of the property.
The equity loan is to be paid back upon sale of the property, or upon the end of the conventional mortgage term. However if you are able to pay this back sooner, there is no early redemption penalty or payback charge.
You would not have to pay a deposit, though you could if you wanted to.
Some Other Schemes available :
Low Cost Housing Scheme . Own Home Scheme .
Home Buy Direct .
Useful website : www.affordable-homes.co.uk
Interest rates shown may be subject to terms and conditions. The contents shown on this website are for information purposes only and must not be taken as 'Advice' or a 'Best Buy' option. All costs in relation to a mortgage will be fully explained and a KFI (Key Facts Illustration) provided upon request.
|
