New Build HomeBuy is the scheme formally known as Shared Ownership. It is:

	A part-buy, part-rent scheme; and
	A way to buy what you can afford now so you don’t stretch yourself financially.

A minimum income will be required, but is calculated on an individual scheme basis. If you do not work but have savings, call us to see if you can buy a property.

Anyone who cannot afford to buy a suitable home on the open market can apply.

However, we will give priority to council and housing association tenants who will move out of their rented homes if they get a New Build HomeBuy home.

We will also welcome applications from:

	First time buyers;
	People living with parents or relatives;
	People living in private rented accommodation;
	People who need to move for work reasons; and
	Homeless people or people living in temporary accommodation.

You will need to be able to cover the cost of the mortgage valuation or survey, legal fees, and stamp duty. The minimum savings required are set out on an individual basis. You will need access to at least £4,000 savings. You may also need to cover the costs of removals, connections charges for phones, and so on. In most cases, buying a home involves paying a deposit.

Every month, you will need to make the following payments:

This is called staircasing. You should check with your housing association as to the specific rules of your scheme.

In general after you have lived in your home for a year you can buy an increased share or buy it outright. The price of the increased share will be based on the value of your home at the time you want to staircase – whether that is more or less than when you originally bought.

You can sell your share of the property at any time and an independent survey will decide what your property is worth. The property will be sold at the current market valuation. We will help you to do this by looking for a possible buyer on our waiting list. This should reduce the cost of selling your share.

It is your responsibility to pay Council Tax.

It is your responsibility to repair and maintain your new home. New Homes often come with a guarantee that will cover defects in your home for the first year after it was built.

This guarantee usually only covers defects in the builder’s workmanship.

If you die, your home will be passed on in the normal way under the terms of your will. If you have not made a will it will pass under the laws of intestacy.

The Charter is important. You can use the Charter to find out what you can expect, and check that you are getting the service you should be getting from your housing association. It also tells you what to do if you think your housing association is not honouring the Charter.