How to buy a home

The government Homebuy scheme is now available to residents who want to buy a home of their choice on the open market.

How does it work?

You can buy a home of your choice, old or new, anywhere in England. You pay 75% of the value. The government will help you with the remaining 25%.

For example:

To buy a house worth £60,000 you will need to find £45,000 yourself, usually with a mortgage. The organisation running the scheme in your area will pay the remaining £15,000 through a grant it gets to help residents buy their first home.

How does this help me?

Homebuy could help you buy the home you have always wanted but could not afford. For many L&Q residents it could be the only way they can own a home.

For example:
Perhaps on your own you could afford a home worth £45,000. With Homebuy you could look for a home worth up to £60,000.

With 25% of the cost of a home paid for you, mortgage lenders should offer you a wide choice of mortages. Cheap deals with lower interest rates and lower fees should be available to you.

For many L&Q tenants Homebuy will be a more generous scheme than the old Tenants' Incentive Scheme (TIS). The maximum grant under TIS was £16,000. Under Homebuy the maximum loan should be over £25,000. Of course, the size of the loan will depend on the value of the home you are buying and what you can afford.

What happens in the future when I sell my new home?

When you sell your home you keep 75% of the value. The other 25% is returned to help another resident.

Who is able to use Homebuy?

To apply for the scheme:

• You must be buying for the first time.

• You will need a regular income so that you can arrange a mortgage.

• You should not have received Housing Benefit within a year of applying.

• You should not have been in rent arrears.

Does everyone have an equal chance to use Homebuy?

Demand is high and some local authorities may tailor the scheme to meet housing needs in their area. There may be a waiting list in some areas. We will be able to give you more information on receiving an application from you.

How do I apply?

Please visit the Tower Homes Website website for all the details and information about how to apply.

Read more about Transfers.

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