3. Are you looking to own your home?

Information on initiatives and schemes for buying a home.

Affordable Home Ownership

There are a range of affordable home ownership schemes available to people who wish to own their own home but cannot afford to buy without financial assistance. Some of the schemes available are detailed below.

Further information on schemes available in your area may be obtained from the homebuy agent, South West Homes or your local housing team.

New Build Homebuy (Shared Ownership)

This scheme offers brand new properties for sale through a Housing Association on a part buy / part rent basis. You buy a share in a property through a mortgage and/or deposit and pay rent on the remaining share which the Housing Association own. Second hand properties that were originally sold as New Build Homebuy can be purchased from existing owners wishing to sell.

Homebuy Direct

This option offers an equity loan (a maximum of 30% of the value of the property) towards the purchase of a home on a specific development.

First time buyers Initiative

Private developers offer this scheme on selected homes. You purchase a share of the property which is at least 50% the value of the home. The government then provides an equity loan for the remaining share of the property. There are no interest charges on the loan for the first 3 years. After 3 years there is a fee of 1% which rises to 3% after 5 years.

Rent to Homebuy

This offers brand new properties for rent with the expectation that you will buy a share in the property at a later stage.

Social Homebuy

This offers Housing Association tenants the option to buy a share in their rented home.

H.O.L.D. Home ownership

This is designed specifically to assist people with long-term disabilities to buy a share in a property. It is offered by a few Housing Associations and has limited availability.

How to apply:

In order to apply you need to register with South West Homes (opens in a new window) and the council in the area in which you wish to live. Your application will be assessed and you will be informed which schemes you may or may not be eligible for. South west homes will also be able to give you details of properties for sale.