Rent now buy later update for first time buyers
The Government has now published guidance on the Rent to HomeBuy scheme.
In summary the scheme allows first time buyers to get financial help in 3 ways:
- Open Market HomeBuy – this allows you to purchase a property on the open market with help from an equity loan
- New Build HomeBuy – shared ownership scheme eg part-buy, part-rent a new build property
- Social HomeBuy – social tenants will have the option to part-buy a minimum share of 25% in their homes at discount, and pay rent on the outstanding equity
- Social tenants
- Anyone nominated by the local council as being in housing need eg on a social rented housing waiting list
- Public sector key workers
- Anyone deemed by the Regional Housing Boards as being a priority first time buyer
- First time buyers with a household income falling below £60,000
"Rent to HomeBuy" is a pilot scheme that will be reviewed at the end of the year.
Further information on the scheme can be found at: http://www.housingcorp.gov.uk/server/show/conWebDoc.1154