Homebuy Scheme

Published 4 November 2005

The Homebuy Scheme is available to those living in or wishing to live in Staffordshire & Shropshire and provides the opportunity to tenants of Local Authorities or Registered Social Landlords (eg. Housing Association) to move on and acquire a property of their own.

The aim of the scheme is to reduce housing waiting lists and those who are registered on the Local Authority housing list may also be considered. Those who are in receipt of housing benefit will be considered but you must be able to fund (with a mortgage, if required) your contribution, being 75% of the purchase price.

The Scheme helps people to buy a home on the open market by allowing The Association to provide a loan of 25% of the purchase price. There are no monthly payments and instead the loan may be repaid when you sell the property. Alternatively, the loan may be repaid sooner and one option would be to increase your mortgage when your financial circumstances have improved.

This provides a brief guide to the Scheme and other considerations will be taken into account. Funding is limited and is not guaranteed to everyone who applies.

Please note, that whilst The Association is still accepting Homebuy applications, funding for this scheme for this year has now been spent. Any new applications received will, therefore, be held on file and processed as soon as possible in the new financial year, being April 2006. Please also note that the Homebuy Scheme is undergoing a review at the moment and some changes to the terms and conditions may be introduced in April 2006.

IF YOU WOULD LIKE MORE INFORMATION, AN APPLICATION PACK OR WOULD LIKE TO DISCUSS YOUR CIRCUMSTANCES FURTHER PLEASE CONTACT
Mandy Riley, sales assistant or
Gill McGovern, senior sales officer
Tel: 01782 203570 / 69
Email: Ariley@BJHG.co.uk / GmcGovern@BJHG.co.uk

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