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:
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 registered provider 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.
Rent to Homebuy – potential buyers who at this time are unable to purchase a share of the property are able to rent at below the open market for a pre-specified time. At the end of this period they have the first option to purchase the property under the New Build Homebuy scheme.
FirstBuy – this scheme allows successful applicants to purchase a new home on selected developments by means of an equity loan of up to 20% of the value of the property. The remaining percentage is funded by personal savings and mortgage.
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.
For more detailed information about any of these schemes please contact South West Homes the Homebuy Agent for South West England.
South West Homes operates and maintains the Low Cost Home Ownership Register. Registered Providers with low cost home ownership homes for sale obtain a list of potential purchasers from South West Homes by matching details of applicants on the register to the properties available.
To obtain an application form and guidance notes from South West Homes either telephone 0300 100 0021 or by website www.southwesthomes.org.uk
In addition to being registered with South West Homes 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 396118 or apply online.