I'm interested - tell me more...
Don't you have to be a nurse, or a police officer or something? Not at all! Although shared ownership was initially set up to help you if you were a key worker, HomeBuy schemes are now open to any profession.
The fact is, if you earn less than £60,000 a year and are looking to buy a home of your own for the first time, chances are you'll qualify for help through the HomeBuy schemes. Having said that, if you're a key worker, HomeBuy schemes are certainly open to you. Of course, there are other factors involved, mostly to do with your ability to get a mortgage or pay for your home. So here's a rough guide to whether you'll be eligible:
You should:
- be a first time buyer (or going through a change in family circumstances and so wanting to buy a property in your own right for the first time).
- have a permanent job.
- have a good credit history.
- not be able to buy a suitable home, within a reasonable travelling distance from where you work or live, without help.
- have enough money to cover the costs of buying a home such as solicitors fees, valuations and stamp duty - normally around £3,000, although this may vary.
You are unlikely to qualify if:
- you have a poor credit history e.g adverse credit and CCJs
- earn less than £12,000 per year and more than £60,000
- you give up your permanent job before you complete your purchase
- you have been in arrears with your rent during the last 12 months or are in breach of your current tenancy agreement
Some HomeBuy schemes will give you priority if you are:
- a tenant of a Housing Association or a Local Authority
- and/or are registered and on the waiting list (either the Housing Need Register or the Affordable Housing Register) of a Housing Association or Local Authority
- A key worker. HomeBuy schemes are open to all, but key workers may take priority and occasionally selected properties will be reserved for people with this status.
But don't just take our word for it - we've found a few people who've already taken their first steps into home ownership through the HomeBuy schemes...
Go on to read about the schemes
Jane Perry |
The Sarikaya Family |
Leonora Worsfold |
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Jane was looking for a property for herself and her children after a relationship breakdown....
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The Sarikaya's were paying so much to rent their home that they couldn't save for a deposit, until they discovered Rent to HomeBuy |
Leonora wanted to purchase a property after years of renting, to provide a solid basis for her retirement... |
