Homebuy shared ownership - help for first time buyers

Thames Valley Housing Association (TVHA) is the one stop shop for low-cost home ownership. Transferring the list will mean a much simpler process for first time buyers wanting to get a foot on the property ladder.

Instead of having to contact the Council and various local housing organisations, as well as fill out several application forms, applicants will only have to contact TVHA to register their interest in the HomeBuy range of low cost home ownership products.

Shared Ownership or HomeBuy can help young people buy their first home. Because they only buy a share of the property and pay rent on the rest, the property becomes affordable. Joint ownership (buying with a friend) and shared ownership can sometimes be combined.

To find out more about shared ownership and to complete an application form online, visit homebuy.co.uk.

The benefits of shared ownership are:

An opportunity for those on a low income to step onto the property ladder.
Housing associations usually give priority to those on a low income.
The monthly mortgage payments and rent may be less than just a mortgage.
There is little deposit, although around £3,000 is needed for stamp duty, legal costs etc.
If the home is sold home, they will get a share of the increase in the value of the property.
They can build up their share of the property until they own it outright, so they are investing in their own home rather than just paying rent.
By proving they can make regular mortgage repayments, they may find it easier to get a mortgage in the future.
It is a useful scheme for people who expect their income to increase in the future.
Shared ownership properties include new-build to the latest energy standards.

As a HomeBuy agent, TVHA will be working closely with local councils, housing associations and other developers in the area. As the local agent for Surrey, TVHA will assess the eligibility of people who register their interest before directing them to local schemes which best meet their needs.

Councillor David Weightman, Chairman of the Housing Committee, said: “One of the most serious challenges facing young people is how to get on the housing ladder. Shared Ownership gives young people the help they need to get them a home of their own, as well as independence. By transferring our list we will make the whole process a lot quicker and simpler for people.”