About the HomeBuy Scheme

HomeBuy is a government initiative aimed at helping first time buyers and people re-entering the housing market.

A number of HomeBuy schemes are available which offer potential buyers assistance to purchase a home. The type and level of assistance varies from scheme to scheme and you can find out more by following the links below. Homes are available at a number of new development sites, while the Armed Forces Home Ownership Scheme provides assistance for qualifying applicants to buy on the open market. In addition from time to time, resale shared ownership properties will be available.

The Homebuy schemes available in the Tees Valley and County Durham area are:

• HomeBuy Direct
• FirstBuy
• First Time Buyers' Initiative
• Shared Ownership
• Shared Ownership Resales
• Intermediate Market Rent/Rent to Buy
• Armed Forces Home Ownership Scheme
• Home Ownership for People with Long-term Disabilities (HOLD)

Please note the Open Market Homebuy is no longer available.

To apply, you must:

• Be a first time buyer, a key worker, or be re-entering the housing market
• Not have your name on the deeds of another property
• Not be able to buy a property on the open market without assistance
• Have a household income below £60,000
• Be able to get a suitable mortgage (if buying now)

Please see the Armed Forces Home Ownership Scheme page for more information on eligibility for this particular scheme.             

Applicants for the HomeBuy scheme can buy a property with one more bedroom than needed. For example, a single applicant or couple can purchase a two bedroom home while a couple with one child can buy a three bedroom home. Where applicants do want extra bedrooms their cases will be assessed individually.

We recommend that you look at the information available through the Money Advice Service. The service can help you review your outgoings and income and you can receive other hints and tips about handling money. Please click here for more information.

You may also wish to see an Independent Financial Advisor. We hold a list of Independent Financial Advisors who have told us they have experience of shared equity & shared ownership schemes. Please click here to view this list.

Please note in cases of high demand, priority will firstly be given to existing social tenants and serving military personnel, followed by local priorities as set by local authorities.

For more information on the eligibility criteria, please contact the Time2Buy team.