HomeBuy

• Do you want to own a home of your own but think that you can't afford it?
• Have you heard of the Government sponsored HomeBuy Initiative?
• You could be a homeowner within 6 to 10 weeks or in an affordable rental property even quicker!

What is HomeBuy?

HomeBuy is a Government initiative that assists eligible individuals and families find homes that meet their current needs. The Government has appointed a number of HomeBuy Agents throughout England to help those who are seeking to live in specific areas.

For many people, this program will provide the best chance of owning a home in the area in which they want to live and work. The initiative also offers discounted rental options for those who are eligible.

What is a Homebuy Agent and who are Catalyst Housing Group?

The Council work with |Catalyst Housing Group, the government appointed Homebuy Agent covering Elmbridge and the rest of Surrey. Catalyst Housing Group provides a "one-stop-shop" service for home ownership and rental opportunities that exist in these areas. By registering with Catalyst HomeBuy, individuals are assessed to identify the schemes they are eligible for. Catalyst, as a HomeBuy Agent, work with a number of organisations such as other housing associations, private developers, estate agents and local authorities to ensure customers are kept informed about all the opportunities available to them.

Catalyst also organises regular HomeBuy shows. At these events, independent financial advisers and solicitors provide affordability assessments and advice free of charge. The HomeBuy show is a great opportunity to find out more information and have queries answered face to face. Entry to these shows is free so visit |their website for the latest dates.

What is available under the HomeBuy initiative?

There are a number of different scheme types that are offered under the HomeBuy initiative. Depending on your individual circumstances you may find that one or more of these are available to you.

Equity Loans

If you live or work in Elmbridge and are looking to buy a home of your own but need some financial support to do so, then you could be eligible to access up to £70,000 in the form of a "low interest-only" loan to help you onto the property ladder.

|The Elmbridge Borough Council Homeownership Assistance Scheme has been established by Elmbridge Council and Catalyst Housing Group. Applications from housing association tenants living in Elmbridge will be prioritised as this will free up much-needed homes for rent, with other applications processed on a first-come, first-served basis, as there are limited funds available.

To register your interest, call Catalyst Housing Group on 0845 601 7729 or e-mail: equityloans@chg.org.uk

Shared-ownership

Shared Ownership is a part-buy/part-rent scheme (previously known as NewBuild HomeBuy) that enables the purchaser to buy a percentage of a newly built property, usually from a housing association.

Under this scheme the purchaser normally initially buys between 25% to 75% of the newly built home from the particular provider. The provider then retains ownership of the unsold share on which a subsidised rent is charged. The rent is normally paid on a monthly basis as it would if rented from a private landlord.

Staircasing is the term used when the 'shared owner' can purchase further shares in the property (normally at a minimum of 10%), if and when he/she can afford and desires to do so, until the property is owned outright (subject to terms and conditions).

This scheme is especially appealing to individuals who are unable to:

• Raise a sufficient deposit to allow a mortgage to be approved
• Obtain an adequate mortgage approval to purchase a property outright even when a 'healthy' deposit is available.

In very general terms, single person households would need an income of around £23,000 plus, whilst couples would need an income of £27,000 plus. These are however rough guidelines and can vary between different schemes, depending on location and such like.

|Catalyst can provide you with details of the developments in Elmbridge and across Surrey which include shared-ownership homes for sale. More details on shared-ownership schemes in Elmbridge can be found elsewhere on this website.

Resales

Resales are shared ownership homes that become available when existing 'shared owners' wish to sell their stake in the property they currently own. This is normally as a result of them moving up the property ladder due to a change in circumstances.

The share that can be purchased and the rent payable will differ from one property to another, as a result of differences in the percentage initially purchased and any staircasing activity that has occurred.

FirstBuy

FirstBuy is an equity loan scheme which offers eligible individuals the opportunity to buy a new home in a specified new development with the assistance of a loan for up to 20% of the full purchase price of the property. The FirstBuy equity loan has no interest payment applied for the first five years. From year 6 onwards an interest charge is payable.

FirstBuy is available at selected developments within Surrey from a range of developers, although none of these are in Elmbridge. Please visit |Catalyst's website for the latest information on this scheme.

Intermediate Rent

This option offers properties to rent on assured-shorthold tenancies at a rents which are no more than 80% of open-market rents. All the intermediate rented schemes currently in Elmbridge are restricted to key-workers and the properties are owned and managed by housing associations. In other places, intermediate rented schemes are not restricted to key-workers. Again, more details on housing associations which offer intermediate rented properties within Elmbridge are available elsewhere on this website and details on vacancies across Surrey are available on from |Catalyst.

Social HomeBuy

This scheme allows some housing association or local authority tenants to buy their current home either outright or on a part-buy/part-rent basis with the benefit of a discount. To do so, their landlord must have decided to take part in the scheme. This is likely to be of interest to tenants who do not qualify for the Right to Buy or Right to Acquire or who are not currently in a position to buy their home outright. Contact your landlord for more details.

Eligibility Considerations

Eligibility rules have been amended by the Homes and Communities Agency (HCA) for existing homeowners.

As a result, all current home owners who wish to be considered for any HomeBuy schemes are now required to have a 'Priority Need for Accommodation' approved by their current local authority BEFORE they can be accepted on to the HomeBuy register.
Once you have completed HomeBuy registration, you will be advised of the process for local authority approval.

The priority need for accommodation will be assessed in accordance with the Housing Act 1996.
In addition, to be eligible for HomeBuy schemes, candidates must fit into one of the following criteria and must NOT have a household income in excess of £60,000 per annum.

Once you have met the initial eligibility criteria, the Government has prioritised the following groups:

Existing Social Tenants

Those that currently reside in a Council or Housing Association property on an 'assured short-hold tenancy' basis, where if they were to vacate the property it would be made available to someone on a priority list for housing in that area.

Ministry of Defence Personnel

Specific categories of staff employed by the Ministry of Defence as specified by the Homes and Communities Agency (HCA).

First Time Buyers

Individuals and families that are seeking their first step on to the property ladder.

Other Priority Considerations

A number of additional eligible groups have been identified as those that may be considered for the HomeBuy Options available on a case by case basis. These include those that may be experiencing a major change in circumstances such as:

• Overcrowding of an existing property due to a new family addition
• A forced sale e.g. divorce/separation
• A requirement to care for a sick relative

Other eligibility considerations

In most circumstances you must not have been in rent arrears over the last 12 months. Due to standard mortgage evaluation checks, it is likely that if you have a low credit rating you will be unable to proceed in the purchase of a property.

Your name, or the name of any joint registrant, must not currently be on the deeds of another property whether in the United Kingdom or abroad. However, under certain circumstances this may be flexible. If you have a query on this, please call Catalyst's HomeBuy Team on 0845 601 7729.

You are required to certify that the information you provide is complete and accurate.

So if you meet these requirements what should you do now?

You should register with Catalyst Housing Group by telephone 0845 601 7729 or complete an online application at |catalyst homebuy. More details about the available options and schemes are available on the website.

Please note you do not have to be on Elmbridge Borough Council's Housing Register to be considered for any of the schemes listed.

What happens next?

Once on the Catalyst Housing Group's HomeBuy Register, you will: -

• Receive a letter or email confirming your eligibility and outlining the level of assistance you are likely to receive.
• Be kept up-to-date with the latest changes in affordable home ownership opportunities.
• Receive marketing details of any suitable new affordable housing schemes that are being developed in the District.
• Receive details of re-sales of existing shared ownership properties.
• Have access to any other HomeBuy schemes promoted by Catalyst and advertised through the HomeBuy website, subject to any eligibility criteria.

For developments where there is high demand, it is really important that you keep your Catalyst application up to date if there are any changes to your circumstances