Home Ownership Schemes

Types of Home Ownership

HomeBuy

Unfortunately we are  no longer the HomeBuy Agent for Cumbria. For all queries relating to any HomeBuy product please contact Riverside Home Ownership at www.riversidehomeownership.org.uk or on 0845 155 9029 / 0345 155 9029.

There are several different schemes to help you buy a property and we have provided details here to help you decide which opportunity would suit you best.

Open Market HomeBuy

This is the most flexible option where you can choose a property from the open market that is suitable for your needs; along with a conventional mortgage, equity loans are available as a second charge to help fund the purchase of a property.

There are now two Open Market HomeBuy products available: MyChoiceHomeBuy and Ownhome. For more information about these options contact  Riverside Home Ownership at www.riversidehomeownership.org.uk or on 0845 155 9029 / 0345 155 9029.

New Build HomeBuy

Formerly called Shared Ownership, this scheme enables you to buy a share of a newly built home on a specific development. This is a way of buying part of a home which offers the benefits of ownership but costs less than buying the entire property outright. It is an ideal scheme for those with a regular household income but are unable to afford the full purchase price on the open market.

• You buy an initial share of the home from 25 - 75% (varies scheme to scheme), depending on what you can afford
• You fund your share (normally through a mortgage)
• You pay rent of between 2.75% – 3% on the remaining portion you do not own
• You are responsible for ALL management and maintenance costs of your home

*assumed for this example ** using Halifax Bank of England Tracker variable rate 13/04/07 *** rent is based on 2.75%

Shared Equity

With this scheme you buy a set 50% of the property but you do not have to pay any rent on the remainder. It gives you a start on the property ladder. Local residency may apply. Shared Equity relates to specific Eden Housing Association schemes - please contact  Riverside Home Ownership at www.riversidehomeownership.org.uk or on 0845 155 9029 / 0345 155 9029.

First Time Buyer Initiative with English Partnerships - not currently available in Cumbria

This is a Shared Equity scheme similar to the one above, but it allows you to buy additional equity in your home. It is ideal for households with a stable income of below £60,000 per year, currently living in rented or temporary accommodation: You buy a minimum equity share of 50% (equating to 3 – 3.5 x income). You can buy additional equity in minimum purchases of 10%. There is a charge on the un-purchased equity: 0% for first 3 years, then steps from 1% in year 4 to 3% in year 6.