Homebuy
The scheme helps people who wish to buy a property but cannot afford to buy on the open market, and those who cannot afford private sector market rents.
The priority groups that Homebuy is targeted at are:
- Existing tenants of Councils or housing associations
- People on Council’s housing registers
- Public sector key workers
- Other priority groups recommended by Regional Housing Boards
In all cases, applicants must not have a maximum gross annual household income of more than £60,000
There are two main types of Homebuy scheme available in the Stevenage area:
- New Build Homebuy – This scheme is also known as shared ownership, where you buy a share in a property developed by a housing association and rent the unsold share from the housing association
- Open Market Homebuy – This is where you find your own property to buy on the open market. On average you obtain a mortgage for 75% of the value of the property and obtain a Homebuy equity loan to fund the balance (up to £50,000).
The Homebuy Scheme in this area is run by Lea Valley Homes. You can contact Lea Valley Homes for more information on Homebuy by telephone, 01582 869440, by email leavalleyhomes@aldwyck.co.uk or via their website www.leavalleyhomes.co.uk