Shared Ownership and Homebuy
If you would like to buy a home of your own but can't quite afford to, New Build HomeBuy, also known as "shared ownership" or "Part rent - Part buy" or "shared equity", may be what you are looking for.
What is Shared Ownership?
Shared ownership was introduced to help people who cannot afford to buy a home outright and is also known as New Build HomeBuy. Through the scheme you buy an initial share of between 25% and 75% of the property and pay a low cost rent on the remaining share you do not own. Gradually, you can buy further shares and, in most instances, own your home outright.
The scheme is intended for people who cannot afford to buy a suitable home in any other way. You must be in housing need and be unable to afford an outright purchase. Priority will normally be given to existing public sector tenants, those on local authority or housing association waiting lists in priority housing need.
Although you cannot buy the property outright, you will have the normal rights and responsibilities of a full owner occupier under the terms of your shared ownership lease.
For more information, please read our HomeBuy leaflet or the leaflet produced by the Housing Corporation.
For an informal chat or to request a brochure phone 0844 800 5150.
New Build HomeBuy Leaflet
Have you heard about New Build Homebuy? (produced by The Housing Corporation)