Get answers to the most common questions
What is a Homebuy Agent?
A Homebuy Agent is a government appointed agency which acts as a one-stop shop for affordable home ownership options in a given area. So instead of having to apply to lots of different housing associations, you simply fill in one form via your homebuy agents and we make your details available to all the relevant associations and agencies for you. Much easier!
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Which HBA should I register with?
You should register with the HomeBuy Agency which covers the area you currently live in. If you want to move to another area, let your local HBA know and, if your application is accepted, they will then pass your details onto the HBA(s) covering the area you want to move to. You can find a list of all the HBAs in England at: www.direct.gov.uk/en/homeandcommunity/buyingandsellingyourhome/homebuyingschemes/DG_073696
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What happens when I want to sell my home?
If you have bought under New Build HomeBuy or Re-sale HomeBuy, you will need to contact the housing association owning the balance of the share in your property. They will advise you how to proceed.
If you bought under the First Time Buyers Initiative, you will need to contact Housing Options Plus on 0845 470 0121 or check their website www.myftbihome.co.uk.
If you bought under the original Open Market HomeBuy scheme, you will need to contact the Housing Association who provided your equity loan. If you bought with MyChoice or Ownhome, you will need to contact them directly.
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My circumstances have changed since I initially applied. What should I do?
Let us have details of your changed circumstances in writing. Do not complete a new application form without first talking to us. The sorts of changes you need to let us know about are:
- Change of marital / civil partnership status
- Changes to your income or your job
- Change of address or other contact details
- Change in who will be living with you
This is not an exhaustive list so if in doubt, please contact us.
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Can I start looking for a property straightway?
You could start to look to see what properties are available in the area you want to live in but you should not commit any expenditure until you have been notified in writing by the scheme provider that they have approved your application fully and you may therefore go ahead. The Homebuy Agency will assess your outline eligibility but the final decision will be made by the Registered Social Landlord (RSL) providing the specific scheme you have applied for.
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I’ve found a property I want. When should I put down a deposit on it or pay for a survey?
You should not commit any expenditure until you have been notified in writing by the scheme provider that they have approved your application fully and you may therefore go ahead. The Homebuy Agency will assess your outline eligibility but the final decision will be made by the Registered Social Landlord (RSL) providing the specific scheme you have applied for.
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I’ve not had a mortgage before. How do I know if I can afford one?
You might like to talk to an Independent Financial Advisor (who should be registered with the FSA). They will be able to give you more information about what would be a suitable mortgage for your circumstances. As a general rule, we assess your affordability for a mortgage on 3.4 – 3.9 times your income for a single person and 3 – 3.4 times your household income for a joint application. With some schemes (NewBuild Homebuy for example), you may still be able to go ahead even if you cannot get a mortgage. In this case you would need to have sufficient savings or equity to buy your share of the property.
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If you do not accept my application, can I appeal against your decision?
Yes. Please write to us and let us know if there are any other circumstances that you would like us to take into consideration in assessing your application, providing relevant evidence not already submitted.
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What is a public sector keyworker?
View a list of occupations which come under this heading.
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The maximum income limit for affordable housing is £60,000. If I earn less than this will I automatically qualify?
No. If you earn less than £60,000 but still have enough money to buy a home suitable for your needs, you will not qualify for help.
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Will I need savings before I can go ahead with an affordable housing scheme?
You will need to have enough money to cover the costs of buying your home. This may include valuation fees, solicitor’s fees, stamp duty etc. Depending on which scheme you are applying for, you may also need a deposit in order to get your mortgage.
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Is NewBuild HomeBuy the same as the equity loan scheme marketed by private developers?
No. New Build HomeBuy is the specific name of a scheme where you part own a property, built or renovated by a Housing Association. You buy part of the property and the Housing Association owns the other part. There are currently two other schemes, Open Market HomeBuy and the First Time Buyer’s Initiative, which help you to buy brand new homes from private developers.
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