Low cost home ownership helps people who cannot afford to buy a property on the open market purchase a home.

Low cost home ownership opportunities in Bath & North East Somerset are currently as follows:

Open Market Homebuy – allows successful applicants to purchase 75% of a property on the open market by means of mortgage and personal savings. For the remaining 25% they receive an equity loan.

New Build Homebuy – these are purpose built properties on new developments where successful applicants purchase a percentage of the property (usually starting at 50%) by means of mortgage and personal savings and pay rent to the housing association on the remaining unsold equity of the property.

Resale New Build Homebuy – occasionally existing New Build Homebuy properties become available for resale. Allowing the purchaser to buy the existing share of the property and pay rent on the remaining unsold equity.

Discounted Market for Sale – these are purpose built properties on new developments that are sold below the open market value (usually with a 25% discount although this may vary). There is a covenant on the property so that all futures sales will have the same percentage discount.

Anyone who is interested in low cost home ownership needs to contact New Futures the Homebuy Agent for the North Zone of the South West.  New Futures operates and maintains the Low Cost Home Ownership Register.  Housing Associations with low cost home ownership homes for sale obtain a list of potential purchasers from New Futures by matching details of applicants on the register to the properties available.

To obtain an application form and guidance notes from New Futures either telephone 0800 073 1315 or by website http://www.homebuy-southwest.co.uk/.

In addition to being registered with New Futures anyone interested in low cost home ownership in Bath and North East Somerset needs to be on the Homesearch Register so their housing needs can be assessed.  For an application form telephone 01225 396296 or to apply online click here.