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With this product purchasers can buy a minimum initial purchase of 25 per cent of a newly-built home. A housing provider holds the remainder of the equity. The provider will be able to levy a rental charge of up to three per cent on their equity. A lower target average for the charge is set at 2.75 per cent. Purchasers may buy further shares in their home when they can afford to do so - a process known as "staircasing".
This includes the new Rent to HomeBuy which enables prospective purchasers to rent a new build property on certain sites at below market rent for a pre-specified period (up to 5 years), with an opportunity to buy the property on shared ownership terms during or at the end of this period.
This scheme is generally part funded with grant from the Homes and Communities Agency through its National Affordable Housing Programme.
Shared Ownership enables flexibility within the HomeBuy framework for providers to offer schemes that meet the needs of people with long term disabilities. This will include the option for people to purchase homes on the open market that are suitable for them, on a shared ownership basis.
Interested applicants should contact their local HomeBuy Agent, details for whom are available on the Homes and Communities Agency website (external link).
