HomeBuy with North Hertfordshire Homes

Can’t afford to buy on the open market? First time buyer with a maximum household income of £60,000? We may be able to help.

North Hertfordshire Homes help people, usually first time buyers, who can not afford to buy a property to suit their housing needs on the open market. We also help those who wish to rent but cannot afford to pay market rents and are not eligible for social rent.

We offer help with the following HomeBuy schemes:

• New Build HomeBuy

• Rent to HomeBuy

What is New Build HomeBuy?

New Build HomeBuy, formerly known as shared ownership, offers new homes for sale on a part buy / part rent basis. The scheme is aimed at those who cannot afford to buy their home outright on the open market and are not eligible for social housing.

How does it work?

You buy an initial share from the outset, which varies from 25-75% of a new built home as a leasehold property on shared ownership terms, and pay rent to North Hertfordshire Homes on the proportion of the share you don’t own

What is Rent to HomeBuy?

Rent to HomeBuy offers new homes to rent for up to five years with the expectation that you will buy a share of the property during, or at the end of the rental period. The scheme is designed to help you save for a deposit to enable you to progress to shared ownership.

How does it work?

North Hertfordshire Homes grant an Assured Shorthold Tenancy with an subsidised/intermediate rent (80% of market rent). The rent is payable for a maximum of five years. Within the five year period, you have the opportunity to purchase a share (min 25%) of the property under the terms of the New Build HomeBuy (shared ownership) scheme. The affordable rental period allows you the time to save for a deposit towards buying a share in your home, enabling you to access mortgage availability.

What happens when the tenancy ends?

When the rental period expires, North Hertfordshire Homes will re-assess your situation. If you would like to and you can afford it, you can buy a share of the property under the terms of the New Build HomeBuy scheme. If you are unable to buy a share (min 25%) of the property through savings and/or a mortgage, North Hertfordshire Homes will review your tenancy but there is no guarantee that it will be renewed.

Am I eligible for HomeBuy?

To be eligible for a HomeBuy property, you must:

• Be a UK citizen, or have permanent leave to remain in the UK;
• Have a household income less than £60,000 per annum;
• Be registered with the local HomeBuy agent.

If you're applying for New Build HomeBuy, in addition to the above, you will need to have:

• Savings of at least £3000 to cover the legal costs of purchasing a property;

• Income capable of supporting a mortgage for a minimum of a 25% share in a property or savings with which to purchase the share.

At the point of purchasing a shared ownership property, you must not be named on the title deeds of any other property.