Low Cost Home Ownership Initiatives

Want to buy a home of your own but think you can't afford it? Then HomeBuy could be the answer.

What is HomeBuy

These are government funded scheme that helps eligible people to buy a home of their own. Under the HomeBuy scheme there are two main options: New Build HomeBuy and My Choice HomeBuy.

New Build HomeBuy - Part-buy/Part-rent

Formerly called Shared Ownership. This scheme is where you buy a share of a newly built home from a Housing Association or other housing provider. The minimum share you can purchase is 25 percent of the value, although a higher percentage may apply on some housing developments.
The Housing Association or housing provider will hold the remainder of the equity and a subsidised rent is payable on the share you do not own.

How to find out more or apply

Applicants will need to be registered on the Council's Waiting List or if you are a Housing Association tenant in the District, on the Transfer List. You should clearly indicate on the form that you are interested in Low Cost Home Ownership Schemes.

Forms and further details are available from Housing Services at Elmfield, New Yatt Road, Witney, Oxfordshire OX28 1PB.

My Choice HomeBuy

This scheme offers financial assistance in the form of a low cost Home Purchase Loan which can be used in conjunction with your mortgage capability to help you purchase. The scheme lets you find the property on the 'Open Market' anywhere in England and you are not tied to particular developments.

The level of help offered will depend on your personal circumstances. However, if you fall within the specified eligibility criteria and have a household income of between £20,000 and £60,000 a year, you may be able to receive a loan of between 15 and 50% of the total price of the property you are considering. The level of assistance you receive may be affected by the amount of deposit you have.

The loan has a charge of 1.75% per annum. There is no additional loan repayment requirement for as long as you live in the property. If you sell the property, you pay back the same percentage of the selling price that was funded when you purchased the property or any outstanding percentage.

The scheme is available to housing association tenants, first time buyers, key workers and other applicants in housing need."

How to find out more or apply

Catalyst Housing Association is responsible for marketing My Choice HomeBuy in the District.

Applicants will still need to be registered on the Council's Waiting List or if you are a Housing Association tenant in the District, on the Transfer List. You should clearly indicate on the form that you are interested in Low Cost Home Ownership Schemes.

To find out if you are eligible and to get more information about the HomeBuy scheme visit www.homebuy.co.uk or Telephone 0845 601 7729.

Resale Of Existing Shared Ownership Dwelling

This involves a property that has previously been bought on a Shared Ownership basis. With the agreement of the Housing Association who owns the freehold, you would purchase the share owned by the present occupier for the open market value at that time.

Details of any re-sales are published on our web-site and can be seen by clicking on Re-sales of Shared Ownership Homes in the Related pages area of this page.

Discounted Market Housing

This enables you to purchase a property at a fixed percentage of the open market value which is generally between 60 and 70% depending on the development.

You own the Freehold of the property but you can only ever receive the original percentage of the market value when you decide to sell. This ensures that the property is always worth less than normal market value and therefore remains affordable. There is no rent to pay and a housing association is not usually involved.

Further Information

Further information can be found in the Low Cost Home Ownership booklet.

If you require further information or an Application form then contact:

Housing Services
West Oxfordshire District Council
Elmfield
New Yatt Road
Witney
Oxfordshire, OX28 1PB

Telephone 01993 861010
Contact Housing Services