Affordable Housing Options: First Time Buyers

January 9, 2009

New Build HomeBuy
A part-buy part-rent scheme, also known as shared ownership, aimed at helping first time buyers get on the property ladder.The option is available for people to buy more shares of the property for those who can afford it. All homes for sale on this scheme are new builds.

Open Market HomeBuy
For those who want to find their own home on the open market, and can raise a mortgage for 75 per cent of the purchase price. On sale of the property by the home buyer or failure in meeting the eligibility criteria, then the loan has to be paid back.

FIRST TIME BUYERS Initiative
Similar to Open Market HomeBuy but for first time buyers purchasing a home that has been built as part of a FTBI development. These homes are bought with an affordable mortgage and government assistance. On sale of the home, the government is entitled to a share of the proceeds.

Social HomeBuy
This allows social housing tenants to buy their current social housing home on a shared ownership basis with the benefit of a discount. However, this is not all social landlords offer this option.

Intermediate Rent
This offers people the chance to rent a new or refurbished home, at a subsidised rent of 80 per cent, of what private landlords would charge for an equivalent rent.

Interesting Articles

Affordable Housing Options: First Time Buyers

Related Articles:

Comments