Help with buying a home

What is Homebuy

If your income is too low to raise a mortgage, The Homebuy Scheme may be able to help you!

How does it Work?

If you qualify, 25% of the cost of the property will be provided in the form of a loan from the administrating body (in Worcestershire, this is Elgar Housing Association which is part of the Festival Housing Group)

The loan is not repaid until the property is sold. You will need to provide the other 75% of the purchase price through conventional mortgage or personal savings.

Who Qualifies?

You must be living in Worcestershire and either be a tenant of a registered social landlord (Housing Association), tenant of a Local Authority or on a housing waiting list and nominated by the Local Authority via the Housing Association as being in housing need.

Financial Requirements

You must be able to raise a mortgage to cover your contribution to purchase, or have sufficient savings. You should not be in rent arrears or in breach of your current tenancy agreements.
You must not be in receipt of Housing Benefit, or have received it over the last 12 months.
You must not be in a position to afford to buy a property without help from Homebuy.

For more Information please contact the Housing Needs Team on 01562 732313 or 01562 732316.

Homebuy Information (opens external site)