Affordable home ownership
Whatever your situation, Orbit Help To Buy Agents can help you to take that important first step onto the property ladder. Orbit provide information and advice about the range of Government- funded low cost home ownership options which come under the ‘Help to Buy’ banner.
Help To Buy is a range of initiatives designed to help those who cannot afford to buy an affordable home on the open market without assistance. There are a range of Help to Buy products available and each works in a different way so there’s usually a scheme to suit everyone.
Help To Buy Direct and the recently announced First Buy schemes allow buyers to purchase a new home with the help of equity loans provided jointly by the house builder and the government.
Help To Buy Shared Ownership allows you to buy a share in a home and pay a discounted rent on the remainder. The share you purchase is determined based upon your income and savings, meaning that you buy a share that you can afford and take out a smaller mortgage than you would if you bought your home on the open market. With most shared ownership homes, if you wish you can purchase extra shares in the future until you own your home outright.
The Intermediate Rent and Rent to Buy schemes allow you to move into a brand new home whilst paying a discounted rent so that you can save up a deposit to buy the property at a later date. Some Rent to Buy schemes even help you to set up a savings plan and will match what you have saved (within certain limits) when you decide to buy the property.
For more information please visit the Orbit Help To Buy website or call 03458 50 20 50.
Am I eligible?
Help To Buy is aimed at helping people in housing need subject to the following criteria, maximum annual household income of £60,000; and unable to purchase a home suitable for your needs without assistance.
Priority is given to the following, existing Social Housing Tenants and MOD Personnel; Local Priorities as set by the Local Authority; and other First Time Buyers.
What is Help to Buy?
Help To Buy is the umbrella term for all current affordable home ownership schemes, such as Shared Ownership, Help To Buy Direct, FirstBuy etc.
Would I still need a deposit if I buy a property through a Help To Buy scheme?
You will probably still need at least a 5% deposit and some lenders may require a larger deposit than this. However, because the deposit percentage is calculated on the share you are buying, the deposit you need to buy under a Help To Buy scheme will be less than if you were buying without help on the open market. Occasionally some lenders will lend 100% mortgages to people in certain professions or who live in specific areas. If you would like to find out if any 100% mortgages are currently available, we would advise you to speak to one of our panel independent financial advisors or mortgage brokers.
Can I choose to buy a home on the open market and then get help through Help To Buy?
No. You can only buy either a shared ownership property, which may be brand new or a re-sale property, or a specific newly built property under the Help To Buy schemes.
I am self-employed can I still apply for Help To Buy schemes?
Yes, but in order to get a mortgage lenders usually require you to produce 3 years accounts from your business. For more advice, you might want to talk to an Independent Financial Advisor or Mortgage Broker.
I already own my own home would I be eligible for Help To Buy?
Help To Buy schemes are aimed at first time buyers so existing homeowners are not normally eligible. If you currently own your own home but have a housing need which means you need assistance to buy a property suitable for your needs you should detail these needs fully on your application form to us. We may then ask you to obtain a nomination from your Local Authority, confirming your housing needs, and on receipt of this nomination, you may be classed as eligible. You will need to sell your existing property although you may be able to do this simultaneously with buying a new property. This applies to properties both in the UK and abroad.
I am thinking of buying a property under the Shared Ownership scheme. If I buy a share in one of these properties, who is responsible for the repairs?
As the homeowner, you are responsible. This will be detailed in the terms of your lease.