Affordable housing schemes available through Tower Homes:

New Build HomeBuy

Resales

MyChoiceHomeBuy

Intermediate Rent

First time Buyers' Initiative

The London Wide Initiative

New Build HomeBuy
(previously known as shared ownership or part buy, part rent)

Through this scheme you can buy a share in a brand new or refurbished home.

You usually pay a mortgage on the part you own and a subsidised rent on the part you don’t own. As your income rises you can increase the share you own, until you eventually own 100% and no longer pay any rent to the housing association.

If you are a key worker and leave your profession within five years you will be required to either sell the property or purchase all of the remaining share of the property.

Resales

These are shared ownership properties that were built and sold in the past that are now available for purchase on a part buy, part rent basis because the existing owners wish to sell.

MyChoiceHomeBuy

What is it?

MyChoiceHomeBuy is a government funded, low-cost-home ownership product that enables eligible applicants to choose and purchase a home of their own on the open market with the help of a flexible equity loan.

• You are free to raise your mortgage with any high street bank or building society (we will not allow adverse credit lenders)
• On top of your mortgage you will receive a government equity loan for up to 50% of the purchase price
• Any savings or contribution from family/friends above £10,000 can be used to “top up” your purchase price without affecting your government equity loan
• There is a low monthly charge on the MyChoiceHomeBuy of
  1.75% which will increase by RPI plus 1% anually.

You will need to repay all equity loans if you sell the property.

Note applicants will be set individual maximum price limits based on their own financial status.

What type of home can I buy?

You are free to find a home of your own choice on the open
market but you must make sure that the home is in a reasonable condition. As a general rule we ask people to avoid properties that have serious faults which will cost over £3500 to repair. If you are a key worker, you also must make sure that you choose a property that is no more than 90 minutes traveling distance from your place of work.

Why do it?

The main benefits of this scheme are as follows:
* It allows you to move out of rented accommodation and own a home of your own
* You do not need to have a 5% deposit like most people buying on the open market
* In most cases, buying on the scheme is more affordable than buying a home without the scheme's help.

Am I eligible?

MyChoiceHomeBuy is for people who would not otherwise be able to buy their own home. MyChoiceHomeBuy is mainly aimed at key workers and existing public-sector tenants, but if you are living and working in the capital or have a local connection (such as family living in the area) and can't afford to buy a home outright, you should apply.
If you want to buy a home with help from MyChoice HomeBuy,
you will need to meet the legal and other costs associated with buying a home. These costs will vary depending on the value of the property you want to buy, but as a guide, we advise that you should have access to between £2000 and £4500.

You can apply online at Housing Options.

Intermediate Rent (IMR)

This scheme offers you the chance to rent a brand new or refurbished apartment at a subsidised rent.

The rent charged is normally 20-30% lower than what you would expect to pay for a similar apartment in the same area.

If you are a key worker the rent will cease to be subsidised if you leave your profession.

First time Buyers' Initiative (FTBI)

FTBI makes more affordable homes available to first time buyers priced out of the housing market. It is part of the Government’s new “HomeBuy” low cost home ownership initiative and is available through HomeBuy Agents across England

It enables aspiring first time buyers, who cannot otherwise afford to buy a new home, to purchase a new property with an affordable mortgage and with Government assistance (min £25,001) on a designated FTBI development. The Government then has an entitlement to a share of the future sale proceeds which will be equal to the initial percentage contribution required to assist the buyer. This enables a FTBI buyer to take out an affordable mortgage (minimum 50% of the total purchase price) on which they make repayments.

For the first three years of FTBI home ownership there is nothing to pay on the amount which the Government contributed. After three years buyers will pay a fee to Government (through a HomeBuy Agent) of one per cent per annum on the amount Government funded. This fee will increase each year by a fixed percentage reaching a maximum of three per cent after five years in the property.

Find out more at First Time Buyers Initiative

Register your interest on your application form. See Applying for a home for more information.

The London Wide Initiative

A scheme for key workers only across 15 developments in London. This is a shared equity scheme where the Government retains a percentage stake in the home. You will not make any monthly repayments on the Government’s share unless you sell the home or leave your key worker profession. You can apply online at Housing Options.