About the HomeBuy Scheme
HomeBuy is a Government initiative aimed at helping first time buyers, those re-entering the housing market, key workers and households renting from a private landlord, a housing association or a Council.
A number of HomeBuy schemes are available which offer potential buyers an equity loan of up to 50 per cent of the purchase price of the property. Buyers will be required to put in a small deposit and they will own 100 percent of their home from the outset. Homes are available at over 50 selected new development sites, while the Armed Forces Home Ownership Scheme provides assistance for qualifying applicants to buy on the open market. There are also Shared Ownership and Intermediate Rent schemes available through various registered providers.
The Homebuy schemes available in Tees Valley & County Durham are as follows:
- HomeBuy Direct
- First Time Buyers' Initiative
- New Build HomeBuy
- Intermediate Rent (Rent to Buy)
- Armed Forces Home Ownership Scheme
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 mortgage
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.
For more information on the eligibility criteria, please contact the Time2Buy team.
