Low Cost Home Ownership                            

There are a number of HomeBuy products that provide eligible local residents with the opportunity to purchase an affordable home in Fareham.

HomesinHants is the Government appointed HomeBuy agent for Hampshire and the Isle of Wight. Managed by Swaythling Housing Society, HomesinHants are part of the Radian Group.

To contact their customer services call 02680 62 8004 or email info@homesinhants.org.uk,

alternatively you can visit the HomesinHants website (this is an external hyperlink).

On 25 March 2010 HomeinHants will be hosting an event to promote the low cost home ownership schemes available in the Hampshire area.

Portsmouth Homebuy Show     (447 KB)

What are the different HomeBuy Products?                  

There are a number of affordable HomeBuy products for low cost home ownership that have been designed to help first time buyers, key workers, social tenants and others to buy an affordable home in an area where they live or work.

The following HomeBuy products have been designed to make entering the property market more affordable:

• Try before you buy
• New Build HomeBuy
• Open Market HomeBuy
• Social HomeBuy
• First Time Buyers Initiative

Try before you buy

If you're worried about committing to a mortgage at the moment there is a selection of newly built homes available in Fareham to 'try before you buy'.

The initiative offers eligible applicants the opportunity to rent a home now and buy it later!  Rents are lower than those on the open market to allow you to start saving towards purchasing your initial share in the property within a set time limit. 

Current developments offering rent to purchase properties in Fareham:

• One bedroom apartments are available at Clarendon House, Titchfield Park through Hyde Housing Association (this is an external hyperlink).  For more information contact INplace on 020 8297 7555.
• One bedroom apartments are available at Coleridge Drive, North Whiteley through Hyde Housing Association (this is an external hyperlink). For more information contact INplace on 020 8297 7555.

For further information on any of the schemes contact the Housing Association direct or HomesinHants (this is an external hyperlink) on 02380 62 8004.

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New Build HomeBuy

Also known as shared ownership, New build HomeBuy provides properties that are available for purchase on a part rent/part buy basis. Purchasers normally begin with a 50% share but it is sometimes possible to buy as little as 25%. An affordable rent is paid on the remaining share you do not own. Further shares can be purchased until the property has been bought outright.

For further information on current schemes you will need to contact HomesinHants (this is an external hyperlink) on 02680 62 8004.

Open Market HomeBuy

The Open Market HomeBuy schemes offers eligible applicants with a maximum households income of £60,000 an equity loan to supplement a mortgage to purchase a home of your choice on the open market. Individual maximum price limits will be based on the applicants own financial status.

There are two Open Market HomeBuy products available and these are called 'OwnHome' and 'MyChoiceHomeBuy'. Both offer equity loans to help fund the purchase of a home. You do not need to pay a deposit, although you can if you want to.

MyChoiceHomebuy and OwnHome

Applicants should note that funding for the MyChoiceHomeBuy equity loan products has now been fully committed.   In addition, funding for OwnHome is expected to be fully committed, on a first come, first served basis, to applicants who are in the latter stages of the process.   No new applications can therefore be accepted and waiting lists for both products have now been closed. 

Government funding for low cost home ownership is now concentrated on new build products such as HomeBuy Direct and NewBuild HomeBuy – products which help first time buyers and simultaneously maintain activity in the housebuilding sector through new build.

Applicants who are interested in accessing assistance to purchase a home should contact their Local Homebuy Agent (this is an external hyperlink) who will be able to provide details of new build products available in their area. 

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Social HomeBuy

Social HomeBuy allows existing social housing tenants to buy an equity share of their home with the benefit of discount. Only tenants of participating Housing Associations or Local Authorities will be able to apply for this scheme. You will need to check with your Landlord to see if they are participating in this scheme.

Fareham Borough Council is participating in the Social HomeBuy scheme and eligible applicants can by an initial minimum share of 25%. You can continue to pay rent on the remaining share you do not own. Further shares can be purchased until the property has been bought outright.

For further information on the scheme contact the HomesinHants (this is an external hyperlink) team on 02680 62 8004.

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First Time Buyer Initiative

The Government has introduced a First Time Buyers Initiative (FTBi). The Scheme applies to new build homes.

Although eligible applicants own 100% of the property, the purchaser may qualify for Government assistance of up to 50% of the property value. The remainder of the purchase price is met by the applicant.

No rent is charged in the share of the property that is not purchased for the first three years of ownership. After this time, HomesinHants will charge a fee for the Governments contribution.

When a FTBi home is sold, the Government's contribution is repaid by way of a share of the sale proceeds. This means that where the Government initially assisted the purchase with a 25% share, the amount repaid will be 25% of the total sale value.

For detailed information on the scheme and eligibility contact HomesinHants on 02680 62 8004.

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