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Homebuy
The government scheme Homebuy helps existing tenants of local authorities and housing associations to buy their own home on the open market.
It is also aimed at people on housing waiting lists who are nominated by their local authority as being in housing need and who cannot afford to buy a suitable home any other way, but can afford the long term costs associated with home ownership.
How does it work?
The Homebuy scheme provides you with an equity loan equivalent to 25 per cent of the purchase price of a property on the open market, although applicants may not purchase the home they currently rent. The loan is paid back when the property is resold and the amount paid back is 25 per cent of the value of the property at the time of sale.
The Housing Corporation and some local authorities fund the schemes and offer them through housing associations. Demand is high and some local authorities may tailor the scheme to meet housing needs in their area. There may be a waiting list in some areas.
The Housing Corporation's regional offices can provide details of housing associations' operating schemes in your local area. You can then apply direct to the relevant housing association to be considered.
The information on this page is reproduced under the terms of the Click-Use Licence from the Government's website: www.direct.gov.uk.
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