Affordable Home Ownership
There are a variety of schemes available to enable enable households to purchase a share of property.
HomeBuy Direct
Under this scheme you buy a minimum of 70% of the market value of a property. An equity loan of up to 30% is provided to assist your purchase. There are no payments on the loan for the first five years. After five years there is a fee of 1.75%, which increases annually in line with inflation. You will need to raise a mortgage to purchase through this scheme. You can also use any savings you may have to contribute as a deposit towards your share. For more information visit the HomeBuy website.
New Build HomeBuy
Under this scheme homes are available through different housing associations. You can buy shares worth between 25% and 75% of the property's market value and you pay a subsidised rent on the remaining share. You may need to raise a mortgage to purchase your share. If you have a large deposit or equity from the sale of a property, this can also be used towards purchasing your share. For more information visit the HomeBuy website.
Shared ownership properties currently available in Crowborough, Hailsham and Herstmonceux:
- Two 2 bedroom houses for sale in Solent Crescent, Hailsham
- The Meadows spec sheet (219kb, pdf)
- The Meadows Price List (42kb, pdf)
- The Meadows Sales (171kb, pdf)
- One 1 Bedroom House and three 3 Bedroom Family Houses available for shared ownership/equity in Herstmonceux (pdf, 646kb)
- Three 2 bedroom houses for sale in Crowborough through the part-buy, part-rent scheme (pdf, 1.07mb)
First Time Buyers' Initiative
Under this scheme first time buyers can buy a brand new home with a mortgage for a minimum of 50% of the market value of the property. The government then provides a shared equity loan to help you to buy up to the full purchase price. There are no interest charges for the first three years. After three years there is a fee of 1%, rising to a maximum of 3% after five years in the property. For more information visit the HomeBuy website.
HOLD - Home Ownership for people with Long-term Disabilities
HOLD 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 Southdown Housing Association offering the scheme locally. There is limited availability. For more information visit the HomeBuy website.
Resales
When any existing part buy / part rent home becomes available for resale, you can buy the share from its current owner. The homes vary greatly in terms of age, size and type.
Just like New Build HomeBuy, homes are available through different housing associations. You can buy shares worth between 25% and 75% of the property's market value and you pay a subsidised rent on the remaining share. You may need to raise a mortgage to purchase your share. If you have a large deposit or equity from the sale of a property, this can also be used towards purchasing your share. For more information on available properties visit the Moat website.
Armed Forces Home Ownership
The Home and Community Agency in partnership with the ministry of defence and the Comminities and Local Government have launched an equality loan scheme, the Armed Forces Home Ownership Scheme (AFHOS) Pilot, which is designed to assist serving members of the British Armed Forces (with four to six years service) to find a suitable home on the open market. The scheme is expected to run until March 2013 and is being mamaged and delivered by the Swaythling Housing Society. For more information visit the AFHOS website.
