What is a HomeBuy Agent?

These are organisations appointed by the Homes and Communities Agency as a one stop shop and point of contact assessing eligibility and providing information for applicants on all of the home ownership options available in their area. Each HomeBuy Agent covers a particular geographical area or zone. All are Registered Social Landlords with a proven track record in delivering low cost home ownership schemes.

How do I know which properties are available?
All housing associations that are offering homes for sale or discounted rent in Berkshire, Buckinghamshire, Oxfordshire and Surrey are marketing their properties on this website. Where individual eligibility criteria apply these will be detailed for the particular scheme or development. In order to proceed with a scheme or development that you are interested in you must first register with your HomeBuy agent. Your HomeBuy Agent will also share your application details with other housing associations who may also send you property information.

Can I afford it?

Buying a property is expensive and feedback from purchasers confirms that an amount of £3500 to cover the one-off costs is realistic. To proceed with your application, you will need to have access to at least £3500, either through savings or from family/friends, without the need to borrow extra money on your mortgage or to take out a personal loan.
If you think you can afford a mortgage we suggest you seek advice from an independent mortgage advisor.

Can I buy additional shares?

If you buy a New Build HomeBuy property you can increase your ownership at a later stage and own the property outright if you wish to. This is called “staircasing”. Many people who buy affordable homes staircase to become full owners.

What happens if I want to sell my home and move, after I have purchased through HomeBuy?

Advice about selling and re-purchasing a property would be available from the housing association that dealt with the original purchase.

If I already own a property can I buy another?

You may be eligible to apply if your current home is too small for your needs, if you have a change in family circumstances, or if you need to move closer to your place of work. However you must sell your current home before or at the same time as buying under the HomeBuy initiative.

When I sell my home purchased through My Choice HomeBuy, how much do I have to pay back?

The loan that you receive through the MyChoice HomeBuy initiative represents a percentage of the purchase value of your property. When you sell the property you will repay the same percentage based on the property’s value at the time of sale. As the owner of the property you will also be required to pay for the valuation survey to be conducted by an appropriately qualified individual.

If I need to move home, do I have to repay the loan?

In most cases the answer is YES. There are certain circumstances with ‘My Choice HomeBuy’ we will allow you to transfer your loan to another property however in general this is not allowed and you will have to repay your loan if you wish to move.

How many bedrooms am I entitled to?

The property you choose to buy can have one bedroom more than your current household needs. For example, if you are a couple with a child you are likely to be eligible to apply for a property with up to three bedrooms.

Is it a study or a bedroom?

If a room is described as a study by the estate agent, but later deemed to be a bedroom by the surveyor, it will be considered to be a bedroom.

Can I lease the property to a third party?

No. In most cases you cannot use the property for commercial gain and it must be your sole residence. However, there are a small number of exceptions to this rule. For example, if you are a Ministry of Defence (MOD) employee and are being stationed in another location for a period of time it may be possible for you to offer your property for rent. Other exceptions may also be possible. Please ask.

I own a property abroad, can I keep it?

You are not allowed to remain on the deeds of any property, irrespective of location if you wish to receive assistance in the purchase of a property though the scheme.

What type of property can I buy with ‘My Choice HomeBuy’?

• The property may be newly built or an older property, a flat or a house.
• For key workers it must be within one hour travelling distance from your place of work. Employer requirements may vary.
• The property must be for sale with vacant possession.
• Purely for residential use.
• Have at least 70 years on the lease.
• Properties built within the last 10 year period with a NHBC (or equivalent) certificate.
• Previously owned properties require a minimum of a Homebuyers survey.

What type of property can I not buy with ‘My Choice HomeBuy’?

• Commercial property.
• Property for sale at auction.
• Mobile home, including boats.
• Plot of land or self build scheme.
• Property owned or part-owned by you or your partner - except under certain circumstances.
• Properties in poor condition.
• Properties offered to you at a discount under other publicly funded schemes.

My offer has now been accepted for a property that I wish to buy through My Choice HomeBuy. What happens now?

• Revisit your chosen approved financial advisor with the property details
• Send us your completed Property Information Sheet with the estate agent’s property description
• The financial advisor will contact us with your final affordability assessment
• Subject to satisfactory references and checks we will respond within five working days (not sure if we want to commit to this SLA, but we currently operate inside of this)

I am a non-key worker and I want to buy using an equity loan scheme but presently own a home / have owned a home in the past. Does this make a difference?

Non-Key workers who presently own a home or have previously owned a home in the past are required to register with their local authority where they live for a waiting list number on the ‘Common Housing Register’ before they can proceed with through an equity loan scheme.