Homebuy Questions
|Who can apply for Homebuy?
|Who qualifies as a key worker in Surrey?
|How do I apply for HomeBuy?
|How much do the HomeBuy schemes cost?
|How much do I need to earn to be considered for the HomeBuy schemes?
|Who can apply for Homebuy?
The eligibility for schemes is dependent on availability and priority. Priority varies from one scheme to another and although most applicants are first-time buyers, there is some help available to people who have previously owned property but are now unable to buy without financial assistance.
The groups below are given priority for assistance under the |HomeBuy scheme.
1. Housing association tenants within Elmbridge
2. Households prioritised on Elmbridge Borough Council's Housing Register (what is commonly known as the "waiting list").
3. Public sector key workers as defined by the government
4. Other priority groups recommended by the Regional Housing Board
As part of the application process, households will need to provide details on their income, both to show that they do not earn enough to buy without financial help yet they earn enough to afford the costs of the particular scheme(s) they are interested in. Households who earn too little or too much will not be successful.
Some schemes, particularly the Discounted Rent schemes are usually only available to key workers.
|Who qualifies as a key worker in Surrey?
An up to date list of key worker occupations is available from |Catalyst, but it includes:
- Clinical NHS staff (except for doctors and dentists)
- Teachers and nursery nurses in schools and further education or sixth form colleges
- Police officers, community support officers and some civilian staff working for Surrey Police
- Prison officers and some other prison staff
- Probation Service staff
- Planners working in a local authority
- Fire fighters and some other uniformed staff in Fire and Rescue Services
- Connexions personal advisors employed by a local authority or a Connexions partnership
- Armed Forces personnel and Ministry of Defence clinical staff, Ministry of Defence police officers and uniformed staff in the Fire and Defence Service
- Qualified environmental health officers/practitioners who work in a local authority, government agency, the NHS or other public sector agencies
- Highways Agency staff in certain safety roles in the traffic officer service
- Social workers, nursery nurses, educational psychologists and therapists (eg occupational therapists) employed by local authorities, the Children and Family Court Advisory Support Service or the NHS.
|How do I apply for HomeBuy?
Firstly, you need to make sure that you are applying to the right HomeBuy agent. |Catalyst Housing Group can accept applications from key workers who work in Surrey and non-key workers who live in Surrey. If you want to apply for one of the NewBuild HomeBuy schemes in Surrey and you do not fall into one of the above categories then you need to apply to the relevant HomeBuy agent along with a covering letter notifying the agent that you wish to be nominated for a Surrey HomeBuy property.
As the Surrey HomeBuy agent, Catalyst acts as a one-stop shop to whom people should apply.
Details on how to apply can be found at |Catalyst Homebuy. If you do not have access to a computer, you can phone the Catalyst HomeBuy line on 0845 601 7729 and ask for an information pack and registration form to be sent to you.
In some cases, you may also have to complete a separate application form with the housing association managing the particular development for New Build Homebuy Schemes.
It is important for applicants to keep their HomeBuy applications updated, particularly if their income details change.
Note: It is not essential to be on the Elmbridge Housing Register to be considered for Homebuy schemes.
|How much do the HomeBuy schemes cost?
Just like purchasing a property on the open market, you would need to pay a number of up-front costs if buying a home either through Equity Loan or New-Build HomeBuy schemes. The initial costs, which might typically amount to £4000 to £5000 include:
- Legal fees - to pay for a solicitor to undertake the legal work as well as associated fees
- Mortgage valuation and arrangement fees - to pay for a survey and valuation of the property before a lender agrees to grant a mortgage plus the costs charged by the lender to arrange a mortgage
- Stamp duty - you may either have to pay for stamp duty on the portion of the property you are buying or the full value.
- Removals - to pay for costs
You would also need to afford the following costs each month:
- Mortgage repayments
- Maintenance and repair costs
- Rent (for New Build HomeBuy only)
- Service charge (if applicable)
- Council Tax
- Water rates
- Buildings and contents insurance
- All utility bills
The following gives an example of typical monthly costs on a New Build HomeBuy property, based on a 40% share of a 2-bedroom flat valued at £200,000.
Mortgage (based on £80,000 mortgage) per month £520
Rent to pay per month on the 60% share £275
Service charge (for maintenance of communal areas) £60
Total monthly cost £855
Sub-market renting
These schemes do not normally involve any up-front costs, apart from removal charges (if applicable). Rent levels vary, but are generally around 75% of market rents, and in any case, will be on higher than 80% of market rent levels
|How much do I need to earn to be considered for the HomeBuy schemes?
This can vary between the different HomeBuy products depending on whether the schemes involve home-ownership or rental opportunities.
For New Build HomeBuy properties, the costs will depend on the same factors, as well as the monthly rent to be paid on share of the property that is owned by the housing association.
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 from scheme to scheme.
