Q: Am I eligible for HomeBuy?

A: Please click here to find out more.

Q: How much will low cost home ownership actually cost me?

A: Primarily you will need access savings to cover the initial costs of buying a property. This amount varies but is normally between ?3,500 and ?4,000 – your local HomeBuy Agent will tell you exact amount required. The initial costs include the cost of the mortgage valuation or survey, solicitors’ fees, and stamp duty. It may also be necessary to cover costs for removals, connection charges for phones, and other such charges. In addition to this, the majority of people will need additional savings to pay a deposit towards your mortgage.

Q: Will I need a deposit to get a mortgage?

A: In the current economic climate, if you can fund a deposit towards your mortgage you are much more likely to obtain a mortgage offer at a more attractive interest rate. You should aim for a minimum of 10 or 15 percent deposit. The amount that this equates to is based on the value of the share you are buying, for example a 10 percent deposit on a 25 percent share of a property valued at ?150,000 is ?3,750, rather than ?15,000.

Q: I am unsure whether to buy now or wait until the credit crunch is over. What should I do?

A: This decision cannot be made by anyone else. It is an extremely important decision for which all the factors should be considered carefully, including your housing need. The best idea could be to seek independent financial advice and appoint a solicitor to advise you over your purchase.

Q: Do I have to be a Key Worker to be eligible?

A: No, you do not need to be a key worker to be eligible. All first time buyers and those with properties no longer suitable for their housing situation may apply, irrespective of job role. However some homes or financial help options are exclusively available for key workers. If you are a key worker, you may apply jointly with someone who is not a key worker and your application will be considered for key worker schemes.

Q: What happens in areas where there are more applications than available housing?

A: If you apply for a property or funding in an area where there is more demand than available homes, the housing association will assess applicants according to their own policies. In some cases, certain groups of people, including for example, housing association tenants and council tenants, or key workers, will be given priority.