HomeBuy is a scheme which aids people, normally first time buyers who are not in a financial position to afford to buy a property from the open market that fits their household needs.
All first time buyers can apply for the scheme though social tenant and key workers are given priority on the schemes.
HomeBuy is often used to assist people who may have previously owned a home, however due to a change in circumstances including for example a relationship breakdown or the birth of more children, their existing home is no longer suitable and they require help in ‘up-grading’.
In order to be eligible to a HomeBuy scheme, the maximum household income whether it be joint or single must not exceed £60,000 per annum. The applicant must also have access to funds to cover the initial cost of buying a home which varies by Local HomeBuy Agents but is normally in the range of £3500 to £4000.
Renting a home
There is a relatively large amount of variation between the eligibility requirements set out by different rental HomeBuy schemes, for example on the Rent to HomeBuy scheme the applicant is assessed in the same way as they would if they were purchasing shares in the property, the only difference being that there are no savings requirements. In contrast if one were to apply for discounted rental rate they are asked to demonstrate they can afford to pay the monthly rate as well as service charge payments.