My Choice Home Buy

My Choice Homebuy is a new government financed low cost home ownership scheme that enables applicants to choose and buy a home of their own on the open market with the assistance of a flexible equity loan.

Using My Choice Homebuy you can raise your mortgage with any High Street bank or building society.  In addition to your mortgage, however, you will receive a government equity loan for up to 50% of the purchase price of the property.

It is a condition of this scheme that you must use any savings you have or any money you receive from a friend or family member towards the purchase of your property and you will only be allowed to keep £10,000 savings.  Anything in excess of that amount must be contributed to the purchase price.

The amount of the equity loan you receive can vary between 15% and 50% of the purchase price of the property.

The funds that you receive through the equity loan in My Choice Homebuy have a charge of only 1.75% per annum.  There is no additional loan repayment as long as you live at the property.  Please note that this 1.75% charge, however, increases in accordance with the retail prices index (RPI) plus 1%.

When you sell the property you have to repay the loan by paying back the same percentage of the selling price that was provided to you when you purchased the property.

Check availability through your local Homebuy Agent