My Choice Homebuy for Key Workers and First Time Buyers

My Choice HomeBuy is a Government backed scheme that allows key workers any other person with a genuine housing need to purchase a home on the open market. This is achieved by allowing access to additional funds in the form of an equity loan to supplement a conventional mortgage.

This MyChoiceHomeBuy scheme allows certain groups of keyworkers access to an equity loan which can be used in place of a deposit. This may be from 15% to 50% of the purchase price and the amount is dependant upon individual circumstances. The rest of the home purchase is funded through a conventional mortgage. In the past, similar schemes restricted applicants to use only four mortgage lenders. The My Choice HomeBuy scheme allows applicants to borrow from any mortgage lender they choose. However, from all the mortgage lenders, only some are happy to lend on a shared equity basis. (Shared equity means you own part of the property and someone else owns the rest). Any savings you have can go towards reducing your mortgage. Although you will need to prove you have approximately £4500 to cover the fees involved with home buying.

Your monthly costs are made of mortgage payments for the amount of the property you own, and an interest charge on the equity loan. The interest on the equity loan starts at 1.75% and increases gradually over the next few years. The actual amount will depend on the Housing Association you apply through.

Use the enquiry form in order to find out if you are eligible or make an appointment to speak to a HomeBuy mortgage advisor.