Downton and Ali Associates – Private Clients - Mortgages - Affordable HousingAffordable Housing

Open Market Homebuy

Open Market Homebuy is a low-cost government backed home-ownership programme that aims to help people to secure 100% funding of the value of their first home. The flexible equity loan scheme is designed to help households earning up to a maximum household income of £60,000 a year and to buy their own homes on the open market.

My Choice Homebuy

My Choice Homebuy is part funded by the government and is offered by eight housing associations, each of which is an equity loan provider in its own right.

Key features:

  • You can borrow between 15 and 50% of the property purchase price in the form of an equity loan.
  • The remaining share of the property is paid for using a conventional mortgage from a range of lenders.
  • You pay the mortgage for the share of the home you own and a small monthly fee of up to 1.75% on the equity loan per annum. This increases annually in line with inflation.
  • The equity loan can be repaid at any time and must be repaid when you sell the home or at the end of the mortgage term.

Who is eligible for help?

  • Council and housing association tenants
  • Key workers
  • Other first time buyers and those who can’t afford to buy a suitable home on the open market where the maximum household income is £60,000.

Where can you find out more?

You need to contact the Homebuy agent covering the area you intend to buy in.

You can find out who this is by following the link below to the governments Communities and Local government website:

www.homesandcommunities.co.uk

Before you speak to them we would recommend you speak to one of our specialist mortgage consultants to get a clear idea of the costs involved and how much you are likely to be able to borrow.

For further information, please complete the enquiry form or contact our office on 020 8980 1989. One of our professional consultants will be happy to deal with your enquiry, or arrange an appointment at your convenience.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

We will charge a broker fee of a maximum of £495 or 0.5% of the loan amount, whichever is higher, normally payable on application. Typically this will be £495.

If we charge you a fee and your mortgage does not go ahead you will receive:

A full refund if we cannot find a lender who will accept your application because of your personal circumstances.

A refund of 50% of the fee taken if the purchase falls through or you decide not to proceed before an offer is issued.

No refund if you decide not to proceed after an offer is issued.

Please note that there is currently no government funding for My Choice Homebuy and the above is for information only purposes.

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