Throughout the UK, and especially within the South East, people are finding it more and more difficult to afford their first home. With starting prices so high, it's simply not possible to get that first foothold and enjoy all the benefits of owning your own home. Buying a new build Homebuy home gives you the chance to get on the property ladder.

New Build HomeBuy (also known as shared ownership and part buy, part rent) is a form of low cost home ownership which enables you to buy a proportion of a property. This means you own a share in the equity of that property using either a mortgage and/or savings, and pay rent on the part you do not own. At a later stage, you may buy further equity if you wish to do so (this is often referred to as 'staircasing').

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How does it work?
You will be able to buy a share of the property based upon a qualified valuer's valuation. The minimum initial equity on a property is dependent on a range of factors including current property prices and affordability in a particular area. The share is likely to fall within a range of 25-50%.

The proportion of the rent you pay is dependant on the percentage you do not own. For example, if you purchase 40%, you pay rent on the remaining 60%.You can, if you wish, staircase to full ownership or you can remain a New Build HomeBuy owner. However, even though you only own a percentage of the property, you will have the normal rights and responsibilities of a full home owner.

What will you own?
You will own an equity of the property on the basis of a long lease, usually 125 years. A lease is a legal document between the landlord and the lessee/New Build HomeBuy owner and is binding on both parties. The lease is usually based on a model lease published by The Housing Corporation and covers the responsibilities including maintenance, rent setting, purchasing more equity, selling and insurance.

For more information please see our Understanding New Build HomeBuy leaflet.