HomeBuy and Shared Ownership mortgages -
"A new flexible equity loan scheme, has been designed to help households on a range of incomes on to the property ladder. The innovative new product, MyChoiceHomeBuy, will replace open market HomeBuy products, First-time buyers searching on the open market will take out a regular mortgage from any participating bank or building society and pay a percentage of the purchase price. (Thats were we come in!) Applicants will receive an equity loan to cover the remainder of the purchase price of between 15-50% of the total property value. MyChoiceHomeBuy has been designed to offer a flexible and simple path for home buyers with a household income ranging from £20,000 - £60,000 to buy their own home. Interest to be paid on the equity loan is set at an affordable 1.75 per cent a year. Home buyers can later choose to buy part, or all the remaining equity on their property as soon it is becomes financially viable for them to do so. By paying back the equity loan at a price based on the valuation at that time, the monthly charge or fee that needs to be paid will be reduced proportionately."
Are you eligible for the HomeBuy scheme?
Contact Neville Richards in the first instance on 08448845407 for initial advice. 
HomeBuy helps people who wish to buy a property but cannot afford to, and those who wish to rent but cannot afford to pay market rents. It is targeted at groups such as public sector key workers or people in other priority groups, such as council or housing association tenants or those identified by Regional Housing Boards as being in priority need. Most people we assist are first time buyers but we can also help you if you need to buy a property in a situation such as a relationship breakdown or where your household has outgrown existing arrangements. Eligibility can vary between individual schemes and full details will be provided upon application.
If you are looking for a mortgage for HomeBuy, it may be hard to find on the high street. Your local branch, even of those lenders that deal with the schemes, may be unaware of the products they offer or on what terms. Because it is a specialist area of lending that they do not deal with every day, staff may give incorrect information. (Yes it Happens!).
Many mortgage brokers also have little or no experience of this area, so it pays to get your information from a broker like Neville Richards with some knowledge of this particular market.
The HomeBuy scheme is primarily, but not exclusively to help key workers or those considered to be in housing need. There are several different HomeBuy schemes. New Build HomeBuy, where you share ownership of your home with a housing association; Open Market HomeBuy, where you part-buy a property and get a loan from the Government for the rest; and Social HomeBuy, where housing association and local authority tenants are helped to buy their current home.
What is a Shared Ownership Scheme?
Shared Ownership or entering into a Shared Ownership Scheme, means that you share the ownership of a property. You will own part of a property and the other percentage will be owned by another party; usually the Housing Association. Is there a no deposit shared ownership mortgage available? Yes there is a 100% no deposit mortgage available.
What do I own? You will buy a percentage of the property (normally anywhere between 25-50%) and then pay rent to the other party for the part of the shared ownership property that they own, but that you are allowed to live in too. Can I increase the share I have in the property? As time goes by you may be able to increase the share that you have in the property, sometimes buying it outright. This is called ‘staircasing’. Who can get a shared ownership property? The government’s shared ownership schemes are available to everyone but certain properties are only available for key workers, but this is not entirely exclusive.
What are the advantages of a shared ownership? Shared Ownership properties and schemes can help you to get on the first rung of the property ladder. Shared Ownership properties are often new builds or refurbished and in some areas, stamp duty is waived. What kind of mortgage do I need to enter into this scheme? You will need a shared ownership mortgage, which is a mortgage for the part of the property that you own. We will source the right mortgage for you and can help you to figure out whether you are eligible for a shared ownership property.
We are Independent , Specialist Mortgage Planners who support all Affordable Home Ownership Programmes, which include Key Worker Living, MyChoicehomebuy , New Build HomeBuy (Shared Ownership), Social HomeBuy and the First Time Buyers Initiative. With access to a WHOLE OF MARKET PANEL, we will work with you to understand which mortgage is right for you. No doubt, since a mortgage is often the biggest financial commitment you are ever likely to make - getting professional advice is essential, and can save you thousands or even tens of thousands of pounds over the life of your homebuy mortgage.
Neville Richards makes finding the right HomeBuy mortgage easy for you...If you are looking for the right MyChoice HomeBuy mortgage, or shared ownership scheme to get you onto the property ladder for the first time, we can give you straightforward information about your mortgage options and jargon-free advice. It makes sense to take advantage of our expertise and inside knowledge of the mortgage market - and save yourself the time and worry. Not only can we recommend the HomeBuy mortgage or shared ownership mortgage most appropriate to your needs, but we'll look after your application throughout the whole process, from beginning to end, ensuring that everything goes smoothly, with the minimum of fuss and no delay.
Contact our Mortgage professionals who can help you with HomeBuy mortgages - or any other first time buyer mortgage. We will offer you, broad based first time buyer mortgage advice on HomeBuy and Shared Ownership mortgages -
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