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Financial
Services > Mortgages
> Shared Property
> Homebuy
The
"Homebuy"
scheme enables you to purchase a property anywhere in England.
The overall amount that you can afford will be calculated by the
Housing Association and they will set you an upper limit purchase
price. You will receive a grant of 25% towards the purchase price,
the remaining 75% will be met by you via a mortgage or savings
plus mortgage. There are no monthly payments on the 25% grant
as it is interest free, you will, however, have to repay the grant
when the property is sold. Having retained a 25% interest in the
property, the Housing Association will take 25% of the sale price
once the property has been sold. This scheme is sometimes known
as an "equity
loan".
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