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, 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.
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.
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.
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.
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.
To be eligible for a HomeBuy property, you must:
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;
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:
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:
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
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