HomeBuy with NHH New Homes


NHH New Homes, part of 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 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 to help you take your first step onto the home ownership ladder.

 

How does it work?

You buy a share of a new home (minimum of 25%, and maximum of 75%), and pay a subsidised rent to North Hertfordshire Homes on the remaining portion.

 

 

What is Rent to HomeBuy?

Rent to HomeBuy helps you save for a deposit so that you can buy a share in your new home. The scheme offers new homes to rent for up to five years with the expectation that you will buy a share under the New Build HomeBuy terms during, or at the end of, the rental period.

 

How does it work?

North Hertfordshire Homes grant an Assured Shorthold Tenancy with a subsidised rent - 80% of local market rent. The rent is payable for a maximum of five years. During your tenancy, you'll have the opportunity to purchase a share of the property under the terms of the New Build HomeBuy (shared ownership) scheme. The affordable rental period gives you the time to save for a deposit, without which getting a motgage can be difficult.

 

What happens when the tenancy ends?

When the rental period expires, NHH New Homes will re-assess your situation with you. If you're unable to buy a share of the property through savings and/or a mortgage, we will review 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 at least 25%  of the property value, or savings with which to purchase the share outright.

You must not be named on the title deeds of any other property at the point of purchasing a HomeBuy property.

The priorities for assistance can be summarised as follows:

  • Current NHH tenant;
  • Social housing tenant;
  • Local housing waiting list applicant;
  • Public sector key worker (as defined under the government's Key Worker Living initiative);
  • First-time buyer unable to buy a home without assistance;
  • Previous home owner or owner-occupier going through a relationship breakdown (where the property is being sold or transferred to a sole name). 

     

    If any of the following situations apply to you (or your partner), these may prevent you from obtaining a mortgage and therefore you may not be eligible for New Build HomeBuy:

    • Lost your home due to re-possession;
    • Declared bankrupt;
    • Refused a mortgage;
    • County Court Judgement served against you.

    How do I apply for a HomeBuy home?

    To register your interest in a HomeBuy property, please contact the NHH New Homes team on 01462 704126 or email newhomes@nhh.org.uk

  • To see a list or properties available through the HomeBuy scheme, click here

    Before we can consider you for one of our HomeBuy properties, the local HomeBuy agent will need to assess your eligibility for the scheme.

    HomeBuy agents we currently work with are:

    Hertfordshire - Lea Valley Homes www.leavalleyhomes.co.uk


    Bedfordshire - Orbit     www.orbithomebuyagents.co.uk