Affordable Housing - A shared ownership guide to buying
Affordable Housing - schemes, shared ownership
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New Build HomeBuy scheme - who can apply?

The New Build HomeBuy scheme is available for certain properties in some areas of England. Before you can buy a home through the scheme you need to be sure that you meet the eligibility criteria.

The scheme is run by ‘HomeBuy agents’, who can help you through the application process for buying a home on the scheme. HomeBuy agents are appointed housing associations - non-profit organisations that manage housing for people having difficulty buying a home.

New Build HomeBuy is open to households earning less than £60,000 a year who would otherwise be unable to buy a home. 

You may be eligible if you are either a:

  • first time buyer
  • previous home owner who can't now afford to buy without help (perhaps because you have broken up with your partner)
  • housing association or council tenant
  • ‘key worker’ (a key public sector worker, like a nurse or teacher)

See the ‘Key Worker Living programme’ page to find out if you qualify as a key worker.

How to apply

If you think you are eligible for help to buy a home through the New Build HomeBuy scheme, contact your local HomeBuy agent. If you are a key worker, you should contact the HomeBuy agent for the area where you work.

How the New Build HomeBuy scheme works

Your local HomeBuy agent will assess your eligibility for the scheme and then look at the options available in your area. Through the New Build HomeBuy scheme you buy a share of a newly built property. The rest of the cost of the property is shared with a housing provider, like a housing association.

You'll need to cover between 25 and 75 per cent of the cost of the property through a mortgage and/or savings. Then, you'll pay rent on the remaining share of the property to the housing provider. The housing provider will set your initial rent at a maximum of 3 per cent of their share of the property (in the first year). Your rent will be reviewed each year.

In most cases you'll still need some money to cover the costs of buying a house, like legal fees, any deposit, and possibly Stamp Duty.

If you are able to afford it, you can buy more shares in the property later. You'll have to pay what the shares are worth at the time you purchase them.