Frequently Asked Questions
Time2Buy has compiled a list of the most frequently asked questions. If the answer you were looking for is not here please click on the contact us button at the bottom of the page.
What is a HomeBuy agent?
A Homebuy agent is a Government appointed and funded agency, which acts as a one-stop shop for people wanting to access affordable home ownership. We will assess your situation and if you are eligible, we will give you details of available schemes in your area, and provide help and advice on all aspects of affordable housing.
Which Homebuy Agent should I register with?
You should register with the HomeBuy Agent where you wish to live. To check which HomeBuy Agent covers the area you wish to buy please click here.
Am I eligible for HomeBuy
To be eligible, you must:
- Be a first time buyer, a key worker, or re-entering the housing market
- Not have your name on the deeds of another property, or another mortgage
- 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
Under a shared equity scheme, you will need to have a small deposit and any savings over £10,000 would need to be used. Help is in the form of a loan and the buyer would own 100% of the property from the start.
Can I affort it? Do I need a deposit?
Buying a property is expensive and feedback from buyers suggests you will need about £2500 to pay for the purchase.
At present, most participating lenders require a minimum 5% deposit of the share purchased (eg £100,000 property @ 70%, share purchase would be £3,500)
You will be advised to see an independent financial advisor to ensure the house purchase is affordable.
How do I know which properties are for sale?
Developers and housing associations with properties for sale under the Government’s Homebuy scheme will use the Time2Buy website to advertise homes for sale. You will be able to view details of properties and download details from the website. We can also send you a printed summary of properties for sale in the area of your choice.
I am not a UK national. Am I eligible to apply?
You will be eligible for HomeBuy if you have the right to reside permanently in the UK. If you are not a British citizen this means you should have “indefinate leave to remain” stamped inside your passport. People from member states of EU/European Economic Area may also apply if they are currently living and working in the UK.
My circumstances have changed, what shoud I do?
If your personal circumstances change in any way, including adding or removing a joint applicant, please contact us in writing to let us know so that we can update your current application. It is very important that your application is kept up to date, as the information on it will be used to determine whether or not you match the criteria for any low cost home ownership properties that may become available. Please do not complete a new application. You can either email us at enquiries@time2buy.org.uk or write to us at Time2Buy, PO Box 34, Muncipal Buildings, Church Road, Stockton-on-Tees, TS18 1LE.
