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You are here: Home > Housing health and care > Housing > Housing help > Assisted Home Ownership and HomeBuy

Assisted Home Ownership and HomeBuy

This section provides information and advice about Assisted Home Ownership, including: Open Market HomeBuy, New Build HomeBuy, Discounted Market Housing and how to make an application.

What is Assisted Home Ownership?

Assisted Home Ownership is the term we use to describe a number of ways that people who cannot afford to buy a home on the open market may be able to get help to buy a home.

There are currently four main types of Assisted Home Ownership (see below) - each is different and not everyone will be eligible for all of the schemes.

The Council does not endorse or recommend any of these schemes; all are run or marketed by organisations and companies independent of the Council.  Prospective purchasers are advised to seek their own legal and financial advice before committing themselves.  Independent Financial Advisors will give advice and guidance on equity loans, shared-equity, mortgages and repayment criteria.

Open Market HomeBuy

Open Market HomeBuy is a Government-backed scheme which helps eligible applicants choose a suitable property on the open market (usually through an estate agent) and, subject to certain conditions, are able to get an equity loan to pay for a proportion of the property.  There are currently a number of different options with differing percentages of equity loan. Each option has different rules about the repayment of the loan and the charges payable:

• MyChoiceHomeBuy - for details of this scheme you should visit the MyChoiceHomeBuy website (opens in new window) provided by Thames Valley Housing Association or ring 0845 600 6699

• Ownhome - for details of this scheme you should visit the Ownhome website (opens in new window) provided by Places for People or ring 0845 607 011.

Please read the "Important Information" near the end of this page.

Roadshows

Thames Valley Housing Association have organised a number of Roadshows in Surrey during June 2008 to explain more about Open Market HomeBuy. There will be a Roadshow at the Harlequin in Redhill on Friday 27 June - see the  Going Halves Roadshow leaflet (PDF opens in new window) (111.1kB) for more details.

New Build HomeBuy (shared-ownership)

This is sometimes know as "shared-ownership" or "part rent part buy". This is similar to purchasing a new property on the open market, except that with New Build HomeBuy the buyer purchases between 25-75% of the value of the property, using a mortgage or savings, and pays a subsidised rent on the balance. Normally extra shares of the property can be purchased over time (know as "staircasing").

Most of the properties that become available in Surrey are new properties being built by housing associations, but some "re-sale" properties may also occasionally become available when existing owners decide to sell.

For full details, eligibility and conditions of the New Build HomeBuy scheme you should visit the website hosted by Thames Valley Housing Association (website) who are the the local "HomeBuy Agent".

Please read the "Important Information" near the end of this page.

Discounted Market Housing

Occasionally other types of Assisted Home Ownership properties may come available, for example, Discounted Market Housing. This is similar to purchasing a new property on the open market except that, subject to certain conditions, the developer or housing association will help to purchase the property by providing an equity loan equivalent to a certain percentage of the market value. Different schemes will have different terms and conditions, including the percentage of equity loan and repayment criteria.

For full details, eligibility and conditions of Discounted Market Housing schemes you should contact the developer or housing provider building the properties (when schemes become available).  You should also register with the local HomeBuy Agent (see "How can I apply" below).

Please read the "Important Information" near the end of this page.

First Time Buyers Initiative (FTBI)

The FTBI is similar is many respects to New Build HomeBuy as it allows eligible first-time buyers to buy a new home but only on certain designated sites.  Purchasers pay at least 50 per cent of the market price, with English Partnerships (website) retaining an entitlement to a share of the future sale proceeds after providing assistance to the buyer to purchase the property. After living in the home for three years, buyers will pay a monthly fee to English Partnerships based on the agency’s remaining entitlement. FTBI home-owners can move up to full ownership at any time by making additional payments (minimum 10% of the market value), that will reduce English Partnerships’ entitlement to a share of the future sales proceeds and the monthly fee payable by buyers.

For full details, eligibility and conditions of the First Time Buyers Initiative you should visit the website hosted by Thames Valley Housing Association who are the the local "HomeBuy Agent".

Please read the "Important Information" near the end of this page.

Who can apply?

There are different eligibility conditions for different schemes, and all schemes are subject to availability and priority.

Most applicants will be first time buyers but others may be considered.

Priority will be given, in the following order, to:

• housing association tenants living in the Borough
• people in Bands A, B and C of the Council's Housing Register
• some public sector workers who are defined as Key Workers Category 1 (visit the Key Worker Eligibility page to check what this means)
• other people that the Council decide have a housing need.

How can I apply?

There are two ways to apply for Assisted Home Ownership Schemes in the Borough:

• For MyChoiceHomeBuy, New Build HomeBuy and Discounted Market Housing you should register with a “HomeBuy Agent”.

  • if you are a Key Worker Category 1 you should register with the HomeBuy Agent for the area where you work
  • if you are not a Key Worker Category 1 you should register with the HomeBuy Agent for the area where you live.

  The local HomeBuy Agents are:

  • Surrey – Thames Valley Housing Association website (opens in new window); 0845 600 6699
  • South London - Tower Housing Association website) (opens in new window); 0845 230 8099
  • Kent or Sussex - Moat Housing Association HomeBuy website (opens in new window); 07002 662 846
  • for other areas - go to the Housing Corporation’s website (opens in new window) to check the details of the HomeBuy Agent for your area
  • you only need to register with one HomeBuy Agent.

If you register with a HomeBuy Agent other than Thames Valley Housing Association, and you want to be considered for New Build HomeBuy or Discounted Market Housing in Surrey you will need to send a letter to the HomeBuy Agent stating that you wish to be considered for schemes in Surrey. You should also send a copy of the letter to the Council's Housing Options officer at aho@reigate-banstead.gov.uk or telephone 01737 276368

• for Ownhome you should apply direct to the Ownhome website.

Assisted Home Ownership List

The Council does not operate a separate list for people wanting Assisted Home Ownership - if you wish to apply for any of the assisted home ownership schemes you should follow the instructions above.

Important information

The Council does not endorse or recommend any of these schemes; all are run or marketed by organisations and companies independent of the Council.

Prospective purchasers are advised to seek their own legal and financial advice before committing themselves.  Independent Financial Advisors will give advice and guidance on equity loans, shared-equity, mortgages and repayment criteria

Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.

Contacting the Council

You can contact the Council about information on this page:

• by post: Housing Services, Reigate and Banstead Borough Council, Town Hall, Castlefield Rd, Reigate, RH2 0SH 
• by telephone: 01737 276368
• by email:aho@reigate-banstead.gov.uk 
• by fax: 01737 276739.