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FAQ's Frequently Asked Questions
 
  Please choose a frequently asked question from the options below.

- Key Worker Living FAQ's
- All other Applicants FAQ's
- General FAQ's
- MyChoiceHomeBuy FAQ's
 
 
FAQ's MyChoiceHomeBuy
 
I am a key worker, what happens if leave my job?

If you qualify for the scheme because you are a key worker and you later change jobs and are no longer a qualifying key worker, you will need to repay the HomeBuy Agent’s equity share within two years. You will also need to repay the HomeBuy Agent’s share if you continue to be a key worker but move to an area where MyChoiceHomeBuy does not apply. However, if you change jobs, and continue working in an area where the product does apply, you will not need to repay the share if your new job qualifies as eligible employment.

If you return to eligible employment within the two-year period, these conditions no longer apply. Also, the conditions would not apply if you left your employment because of:

bullet point a career break (not more than three years);
bullet point retirement (as long as this is at least five years after receiving the equity share);
bullet point redundancy;
bullet point long-term ill health; or
bullet point death.

If you divorce or separate from your partner, and you have to transfer your interest in the property because you won’t be living there any longer, we would normally only consider allowing you to delay repaying MyChoiceHomeBuy if you have children under the age of 18 or who are still in full-time education.
 
Can I buy with someone else?
You may jointly buy a home with someone else as long as your joint incomes and savings are not enough to allow you to buy a suitable home on the open market. The HomeBuy Agent will take your joint incomes into account when deciding whether you can afford to buy a home without help through MyChoiceHomeBuy. No more than four people can buy a home jointly through MyChoiceHomeBuy. A joint application will not qualify unless all the people applying will jointly own the home. An alternative to becoming a joint legal owner, such as a Deed of Trust is not acceptable.

If a person joining you in buying the property already owns a home, they will have to sell that property when they buy with MyChoiceHomeBuy – any likely profit from the sale will also be taken into account in considering the application. If the person buying with you is currently renting through a local authority or housing association, they must give up their tenancy on or before the completion date.
 
Can my family take over the home if I die?
If you buy with MyChoiceHomeBuy and you later die, a member of your family or your partner may be able to take ownership of the home and continue living there. If so, the costs of running the home and keeping up the mortgage repayments and responsibility for repaying the equity share will normally transfer to them. If not, the home will be sold to repay the outstanding share. Although you do not have to take out insurance that pays off the mortgage if you die, you should check that the cover provided is enough for both the mortgage and equity share.
 
What if I fall behind with my mortgage repayments?

The mortgage contract is between you and the lender. If you begin to have financial problems and cannot pay your mortgage, you should let them know immediately. If you do fall behind on your payments and cannot agree with your lender on how to sort this out there is a risk that they will take possession of your home and sell it. You would then be entitled to your share of any money left after all your debts to the lender (including a share in any increase of the property value and the HomeBuy Agent’s equity share) have been paid.
 
Is my funding guaranteed once I receive an offer letter from my HomeBuy Agent?
No. Funding is limited and awarded on a ‘first come, first served’ basis. Until you have identified a property you want to buy and which your HomeBuy Agent has approved, we can withdraw funding at any time.
 
What if I’m not happy with the service provided?
Your HomeBuy Agent has their procedures for handling complaints. You should contact your HomeBuy Agent with complaints about your application.
 
Can I pay back part of my equity share?

You can pay back all or part of your equity share after one year of owning your home. Your home will be valued by an independent surveyor who is a member of the Royal Institution of Chartered Surveyors (RICS).

If you decide to proceed, it will be at a price based on the valuation at that time. The monthly charge that you pay will be reduced proportionately - to zero in the event that you pay back your share completely.
 
Do I need to have any savings?
We estimate you will need about £4,500 to cover legal fees, mortgage fees, stamp duty and other costs associated with buying and moving into a property.
 
How much loan is available?
This will be from 15 - 50% of the property value and depend on your household income, family size and property values in the area where you live or work.
 
Do I have to make monthly repayments?
Yes, you must maintain your home and pay all bills including amenities, council tax and buildings insurance. You are responsible for mortgage repayments and the charge of up to 1.75% p.a. on the equity loan.
 
When I sell my home, how much do I have to pay back?
The share you receive through MyChoiceHomeBuy represents a percentage of the purchase value of your property. When you sell, you will repay the same percentage based on the property’s value at the time of sale. In certain circumstances, you can transfer your loan to another property but you must have the prior approval of your equity loan provider.
 
If I need to move home, do I have to repay the share?
There are certain circumstances where key workers are allowed to transfer their loan to another property. However, in general this is not allowed and you will have to repay your loan if you wish to move.
 
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