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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?
A full list of key-worker jobs is |available on their website, but it includes:
- Most clinical staff working for the NHS
- Qualified teachers working for a government funded organisation
- Front-line staff in the police force
- Prison officers working for the government funded prisons
- Probation officers working for the probation service
- Certain employees within the fire and rescue service
- Some local authority occupations
How do I apply for HomeBuy?
Firstly, you need to make sure that you are applying to the right HomeBuy agent. Thames Valley Housing Association 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.
Secondly, to fill out an application form |you must visit their website and the website will prompt you to register your details and will then allow you to complete an application form. If you do not have access to a computer, you can phone the Thames Valley Housing Association HomeBuy line on 0845 600 6699 and ask for an application form to be sent to you.
If you live or work in Elmbridge and / or want to apply for HomeBuy schemes being developed in Elmbridge, then you must also apply to join the Elmbridge Borough Council Housing Register as well.
To receive an Elmbridge Borough Council application form, please |contact the Housing Allocations Team.
In some cases, you may also have to complete an application form with the housing association managing the particular development.
It is important for applicants to keep their Housing Register and HomeBuy applications updated, particularly if their income details change.
How much do the HomeBuy schemes cost?
Costs for Open Market HomeBuy and New Build HomeBuy
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 Open Market HomeBuy or New-Build HomeBuy schemes.
The initial costs, which might typically amount to £4000 to 35000 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% to 80% of market rents.
How much do I need to earn to be considered for the HomeBuy schemes?
This can vary between the different HomeBuy products. Two of the schemes offer home-ownership (New Build HomeBuy and Open Market HomeBuy) and are different to the third scheme, which offers rented properties.
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 change quickly as prices vary.
|More Information on these schemes
| Related Pages: |
| Shared ownership |Homebuy - what's available locally (Pages) |
| |Homebuy / Shared ownership and key worker housing (Pages) |