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Buying a home through the HomeBuy schemes

The Government has introduced a scheme, branded as HomeBuy, to help people get a foot on the property ladder. NewBuild and MyChoice Homebuy are government funded, low-cost-home ownership options that enable eligible applicants to choose and purchase a home of their own on the open market with the help of a flexible equity loan. The schemes are available through approved housing associations across England (see list below).

Main points:
  • You are free to raise your mortgage with any high street bank or building society. Our independent financial partners, Perfect Day, can advise.
  • On top of your mortgage you will receive a government equity loan for up to 50% of the purchase price
  • Any savings or contribution from family/friends above £10,000 can be used to "top up" your purchase price without affecting your government equity loan
  • There is a low monthly charge on the MyChoiceHomeBuy of 1.75% which will increase by RPI plus 1% annually.
  • You will need to repay all equity loans if you sell the property.

What type of home can I buy?

You are free to find a home of your own choice on the open market but you must make sure that the home is in a reasonable condition. If you are a key worker in London, you also must make sure that you choose a property that is no more than 90 minutes travelling distance from your place of work.

Am I eligible?

MyChoiceHomeBuy is for people who would not otherwise be able to buy their own home. In London, MyChoice Homebuy is mainly aimed at key workers and existing public-sector tenants, but if you are living and working in the capital or have a local connection (such as family living in the area) and can't afford to buy a home outright, you can apply.

The schemes are available in other areas of England. Conditions do apply, but if you can't afford to buy your own home and your family income is less than £60,000 per year, it may be worth contacting your local HomeBuy agent.

List of providers

Work in progress