Homebuy schemes are designed to make housing more affordable. Shared ownership is the most popular type of homebuy scheme.
An introduction to homebuy from Share to buy ltd
'Homebuy' is the term used by the Government to describe its various different shared ownership and affordable housing schemes. The main homebuy schemes are as follows:
- Newbuild Homebuy: traditionally called shared ownership, new build homebuy is essentially part buy / part rent on new build homes.
- Homebuy Direct: a shared equity scheme where both builders and the Government join forces to provide funding for a potentially sizable deposit on a new home
- Rent to homebuy: enabling potential homebuyers to rent at a discounted rate before they purchase
- Social homebuy: enables social tenants to buy a share in their existing home on a shared ownership basis, and with the benefit of a discount
Looking for a homebuy mortgage?
If you are looking for information on homebuy mortgages, Share to buy specialize in all types of shared ownership and homebuy mortgages and don't charge any brokers' fees. For more information on Share to buy's shared ownership mortgage service click here, or you may prefer to go straight to their shared ownership mortgage calculator which links to daily updated mortgage rates to give you a robust estimate of your borrowing potential and likely cost.
What is the difference between homebuy and shared ownership?
Essentially, homebuy is the Government's own invented term for what has traditionally been referred to as shared ownership. The main two homebuy schemes are forms of shared ownership home purchase in one way or another: new build homebuy is classic shared ownership part buy / part rent, but on new build homes; homebuy direct is a shared equity scheme. Social Homebuy can involve shared ownership in the purchase of a home that already houses a social tenant, and Rent to Homebuy is for people who are having to defer a shared ownership purchase. Hence, homebuy is basically the same thing as shared ownership.
Which homebuy scheme is the best for me?
This will depend on your circumstances and preferences. The best thing to do is to research the different options and then contact your homebuy agent to discuss those options further. The homebuy agent is a housing association which acts as the initial point of contact for a specific region. You can find your homebuy agent on our 'homebuy properties page', since homebuy agents are the first port of call for finding information on homebuy properties in your area.
Can I buy any property with a homebuy scheme?
Unfortunately, the funds made available by the Government for 'open market homebuy' schemes where you can generally buy any property on the open market have all been used up. However, whilst it is the case that the two main schemes – homebuy direct and new build homebuy – limit you to new homes, it is possible to purchase second hand shared ownership properties on a resale. This is where you buy a share from an existing owner and therefore provides scope for owning shared ownership homes that are not brand new.
What about the legal side of homebuy/shared ownership?
The legalities of a homebuy purchase will be handled by your solicitor so it is important that you choose a shared ownership solicitor with experience of the various homebuy schemes. Share to buy has a panel of shared ownership solicitors who are on hand to assist you with your homebuy purchase.
Shared ownership mortgage calculator
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Get a robust estimate of your borrowing potential and likely cost.
Share To Buy
We specialise in shared mortgages. With friends, family or a housing association. And we won't charge you a fee!
If you have any difficulties in making payments on your shared ownership mortgage, please contact your mortgage provider or housing association immediately.