The Open Market Home Buy Scheme - until April 2006 known simply as 'Home Buy' - is an initiative where a lump sum payment is made available to you by the regional Zone Agent towards the purchase price of a property.
Instead of you making monthly repayments on the lump sum (as you would usually have to do with a loan) it is repaid when the property is sold. Therefore you can move into a property without having to finance the entire purchase price.
The lump sum is based upon a percentage of the purchase price - usually 25% - of the property.
The amount you have to repay upon the sale of the property will be the equivalent percentage of the value of the property at the time of the resale.
Open Market Information What property can I buy?
You need to choose a property that sensibly meets your family needs.
The scheme operator will assess your eligibility for a specific property
taking into account the size of your family and your financial situation.
What other costs are involved?
You will have to pay the usual property purchase costs - valuation,
survey and application fees to your mortgage lender, solicitors fees
including land registry charges, stamp duty if applicable and local
search fees.
Who is responsible for maintenance of the property?
Although you are not immediately the outright owner of the property
you will be responsible for all repairs and maintenance.
There are also specific Open Market Home Buy schemes for Key Workers
Howards Affordable Homes East Anglia UK T: 0845 38 90 456
