Open Market Home Buy

This scheme is limited to existing council tenants, existing Housing Association tenants, people on council house waiting lists and key workers.

This is a government backed product that is designed to help certain groups of people who cannot buy a home on the open market without financial assistance.

The scheme provides access to additional money called “equity loans” which run alongside a conventional mortgage loan.

The loans are provided either by the government, through appointed Housing Associations, and/or through the same participating lender that provides the conventional mortgage.

The loans are limited to a total of 25% of the value of the property.  There is no charge for provision of the loan and no interest or other monthly payments on the equity loan.

However, when repaying the equity loans the home owner will have to share any increase in the property’s value with the provider of the equity loans, according to the percentage of the equity loan taken out at the start of the transaction.

If you are interested in finding out more please contact your local HomeBuy Agent