Rent now buy later update for first time buyers

Dated:

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

Priority people:

  • 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.




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