The Home Buy scheme enables qualifying applicants to purchase a property on the open market that they would otherwise be unable to afford. You can receive help in the form of an equity loan, equivalent to 25% of the purchase price.
Eligibility
You must be:
- A Housing Association tenant, or likely to be nominated from the Housing Waiting List as being in housing need.
- Able to afford the other 75% of the purchase price through a mortgage and/or savings.
How it works
You will have to be nominated to the scheme by your local authority. There are no monthy payments to make against the equity loan, however you will have to repay the equity loan if you wish to sell the property or purchase the remaining 25% share. The amount you then repay will be based on 25% of the value of the property at the time you sell or repay.
Should you wish to find out more please contact your housing association direct. If you are on the housing register please contact Riviera Housing Trust.
The money available for these initiatives is limited, so not everyone wishing to take part will be able to do so. Where demand for a scheme exceeds the funding available a waiting list will usually be in operation.
All schemes have eligibility conditions that you must meet in order to be considered. The housing associations involved are more than happy to give advice and information on the particular criteria that is required and on the choice of schemes available to you.
Visit the Housing Corporation's website for further information on the Home Buy scheme.
Related Websites
Related Tasks
- Feedback - Comment on this page
- Feedback - Complaints
- Feedback - General
- Feedback - Home Inprovement Service
- Feedback - Housing Needs
- Feedback - Housing Standards Team
- Notify - Change of Address
- Search - Community Organisations
- Search - Consultation Finder
Contact Housing
- Tel: 01803 208723
- Email: housing.advice@torbay.gov.uk
- Fax: 01803 208282
