If you want to purchase a home of your own, but can't afford to buy on the open market, Help to Buy could be your way onto the property ladder. The Government has created the Help to Buy scheme to help you take your first steps into home ownership.
There are a number of Help to Buy products designed to make buying a home more affordable. You can buy a home using one of the home ownership options, or rent a home at less than the market rent, allowing you to save for a future deposit.
Help to Buy in the South East and Essex
You can do all of the following on the The Help to Buy in the South East and Essex website.
- check your eligibility for the scheme
- carry out a property search
- make an application to join the scheme.
The Help to Buy website also has information on all the following low cost housing options:
- Shared ownership- If outright purchase is not an option for you, this scheme offers an alternative to renting. You can buy an initial share in a new home that you can afford, helping you into home ownership in manageable stages. This scheme has previously been known as "Part Buy, Part Rent", and both new-build and re-sale (older) properties are available.
- Help to Buy equity loan - The Government lends you up to 20% of the cost of your new-build home, so that you'll only need a 5% cash deposit and 75% mortgage to make up the rest
- Help to Buy Mortgage Guarantee - This is a great option if you can afford to repay a mortgage but don't have a large deposit. Participating lenders have access to a government guarantee on mortgages, which means you can purchase an existing or new build home, or re-mortgage, with a deposit as little as 5%.
- Rent to Buy - If you are unable to purchase a home at the moment due to not having enough money saved up for a deposit BPHA offers homes to rent for around 20% less than the typical open market rent values, with the option to purchase shares in your rented home in the future using the Shared Ownership scheme.
- Intermediate Rent - If you are not looking to buy a home just yet, but want to be able to start saving for a deposit to buy in the future BPHA offers homes to rent for around 20% less than the typical open market rent values.
- Home Ownership for People with Long-term Disabilities (HOLD) - This is a specially tailored option to assist people with long-term disabilities to purchase a share in a property. It is offered by a small number of housing associations, with limited availability
- Older People's Shared Ownership - This scheme gives retired people lower living costs, than if they owned a home on the open market. It is available solely to the over 55's.
Further information and enquiries - contact your local Help to Buy agent
BPHA is the local Help to Buy agent for the counties of Essex, Sussex and Kent.
BPHA provides information on all Help to Buy low cost home ownership options available in the Basildon area.
If you require further information on any aspect of the Help to Buy scheme please contact BPHA. See www.bpha.org.uk for contact details.