For Sale 0 bedroom flat
Property value £90,000
Share percent 50%
Share percent price £45,000
Newbuild HomeBuy
Newbuild HomeBuy is also known as Shared Ownership. To start off with, purchases normally begin with a 50% share but it is sometimes possible to buy as little as 25% (this will be dependent on income and also what the RSL can offer).
You can buy further shares later on until you own the home yourself outright or you can stay as long as you wish as a shared owner.
Who qualifies?
People who can't afford to buy a home without help.
- a social housing tenant
- on a housing waiting list
- a keyworker
- in need of a home for example because of a relationship breakdown
- a first time buyer
How does it work?
These are mainly brand new flats or houses sold with Government backing on a shared ownership, leasehold basis. The minimum share you may be able to buy is 25 per cent and the maximum is 75 per cent and you can usually choose the share you buy. This will be dependent on income and also what the RSL can offer. The rest will belong to the landlord.
You will need to arrange a mortgage for the share you want to buy and ensure you can afford the payments. You will also have to pay an affordable rent to your landlord on the share you don't own.
If you want and are able to you can increase your shares in your home until you own 100 per cent of the property. This is known as 'staircasing'.
Whenever you decide to can sell your share it will be valued independently and sold at that price. To help keep down the cost of the sale we can help you sell to another buyer on our waiting list or, if you own your home outright you can sell it in the normal open market way.
Use our property search to find a home. Resales are also featured in our searches. Please note that most of our developments are flats and houses tend to be quite rare. We will give priority for houses to families with children.
How much do I have to earn?
We recommend that a minimum of £18,000 is required to buy a home in our area. If you have more than £10,000 in savings, then we will accept your application if you earn less.
We will not be able to help you if you can afford to buy the home outright.
After we have received your application, we will take account of all your financial circumstances including any:
- Savings
- Other financial commitments
Before you can be offered a home, you will need to attend an interview and will be asked to provide payslips and other evidence of your income.
