Many people would like to buy a home of their own but find that local house prices are just out of their reach.
There are several schemes to help people buy housing which has been built for shared ownership.
There is no new HomeBuy or shared equity housing available in Eastbourne at the moment, but it is worth looking out for re-sales.
There are also many properties available in other parts of Sussex and the South East.
For details of properties currently available, use the link on this page to go to the HomeBuy website.
New Build HomeBuy
This option offers brand new homes for sale on a part buy/ part rent basis. Homes are available through different housing associations. You can buy shares worth between 25% and 75% of the property's market value and you pay a subsidised rent on the remaining share.
Resales
When any existing part buy/ part rent home becomes available for resale, you can buy the share from its current owner. The homes vary greatly in terms of age, size and type. Resales work in the same way as New Build HomeBuy properties.
Shared equity - HomeBuy Direct
This option is offered by private developers on selected new homes. You buy a minimum of 70% of the market value of a property. An equity loan of up to 30% is provided to assist your purchase. There are no payments on the loan for the first five years. After five years there is a fee of 1.75%, which increases annually in line with inflation.
Shared equity - First Time Buyers' Initiative
This option is offered by private developers on selected new homes. You buy a brand new home with a mortgage for a minimum of 50% of the market value of the property. The government then provides a shared equity loan to help you to buy up to the full purchase price. There are no interest charges for the first three years. After three years there is a fee of 1%, rising to a maximum of 3% after five years in the property.
Rent to HomeBuy
This option offers new build homes to rent for a pre-defined period of time with the expectation that you will buy a share of the property at the end of the rental period.
Homes are available through a range of housing associations on assured shorthold tenancies with an affordable rent of 80% (or less) of market rents. The rent is payable for a pre-defined and limited period. When this period ends, you are expected to buy the property on the terms of New Build HomeBuy.
Some housing associations offer variations of Rent to HomeBuy. If you see a property in the HomeBuy advert that you are interested in, please contact the relevant housing association to check the terms of the scheme.
