For Sale 0 bedroom flat
Property value £90,000
Share percent 50%
Share percent price £45,000
Open Market HomeBuy
Open Market HomeBuy gives you the chance to buy a home of your choice on the open market like any other homebuyer normally though an estate agent. You can choose a second hand or even a brand new home. For some, this could even mean a house with a garden, depending on what you can afford.
How does it work?
Open Market HomeBuy is a low-cost Government-backed home-ownership programme offering loans to top up your mortgage. It is available to any first time buyer with an income of between £20,000 and £60,000, who cannot afford to buy without help. Applications will, however be subject also to an affordability assessment.
There is a choice of two products:
Ownhome is provided by a partnership between Places for People and the Co-operative Bank. Ownhome gives people the chance to take up to 40% of the value of the property in an equity loan from Places for People. They would pay nothing at all for the first five years on the equity loan. After these five years, a low rate would be paid on the sum - starting at a fixed rate of just 1.75% interest per year for the next five years, and then increasing to 3.75% interest per year from year eleven. The remainder would be funded through a conventional mortgage with The Co-operative Bank. There will be no premium or extra charges on the mortgage, and customers can choose from a range of competitive deals including fixed rate and tracker options. Customers can apply for Ownhome through their local HomeBuy Agent, or directly on the Ownhome telephone line 0845 607 0110.
For more details see attached booklet (321 KB).
MyChoiceHomeBuy is provided Thames Valley Housing Association in the Hampshire and Isle of Wight area. Purchasers can apply for a mortgage with an approved lender of their choice but they must be able to raise at least 50% of the cost of the property they choose. The scheme will provide them with up to 50% of the value of the property as an equity top up loan. The remainder would be funded through a conventional mortgage with a Financial Services Authority regulated lender. Purchaser would pay a low rate of up to 1.50% per annum on the equity loan. The rate they pay on the standard mortgage would depend on the deal selected through the mortgage providers. MyChoice HomeBuy gives people the freedom to search for a mortgage of their choice and search out the best deals. This means a household with an income of £32,000 could afford a house of £200,000, paying £760 each month - as opposed to £1,350 without the scheme.
For more details contact www.homebuy4u.co.uk or tel: 0845 600 6699.
With both products, no deposit is required, but is allowed. When the property is sold, the equity loan provider will be entitled to a share of any increase in the value of the property.
To apply, you can simply register with us and your details will be passed on to both providers.
