HomeBuy in Maidstone
What is HomeBuy?
HomeBuy is a programme that helps people who wish to buy a
property but cannot afford to. Most of the people eligible are
either public sector key workers, or people in other priority
groups, for example council or housing association tenants.
Most people who apply for HomeBuy are first time buyers, but the
programme can also help you if you need to buy a property in
situations where your household has outgrown existing arrangements
or where you need to buy a property because of a relationship
breakdown.
How do I apply for HomeBuy?
Maidstone Borough Council is pleased to be working in
partnership with Moat, a leading housing association, to offer
HomeBuy to people in our local authority area. Moat is the
government’s appointed HomeBuy Agent in Kent, Sussex and Essex.
Anyone interested in applying for HomeBuy should contact Moat by
visiting http://www.homebuy.co.uk/ or
calling 07002 662846. This web site provides comprehensive
information about HomeBuy and offers the facility to apply
online. Moat works with other housing associations to match
applications to the best available housing solution.
So how does it work?
Open Market HomeBuy offers an equity loan so that you purchase
approximately 75% of the equity in a property of your choice from
the open market, subject to criteria. The remaining 25% is
funded through the equity loan with no interest to pay on that
loan. The loan is repayable at market value when the property
is eventually resold. Open Market HomeBuy is mainly for key
workers.
Essential Reading: Open Market Homebuy
Guide
New Build HomeBuy offers new homes on a part buy/part rent basis
where you purchase a share in the property, typically 50%, and pay
a discounted rent to the housing association on the remaining
share. Maidstone Borough Council works with a number of housing
associations to develop new affordable homes across the
district.
Essential Reading: New
Build homebuy Guide
New Build discounted rent – new homes available at approximately
80% of market rents for homes of similar size and specification in
the surrounding areas. These are available only to key
workers.
Resales – where existing shared owners wish to sell their
properties, they are marketed and sold to people who have applied
to Moat.
Homes for 100% sale at market prices to suit first time buyers
and others.
What is a key worker?
Key workers eligible for HomeBuy are defined within a number of
qualifying roles within the public sector. These are:
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NHS
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All clinical staff employed by the NHS except doctors and
dentists.
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Education
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Qualified teachers in schools and sixth form colleges, lecturers
in FE colleges, children’s social workers and qualified nursery
nurses in LEA nursery schools only.
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Police
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Police officers and community support officers including those
working for the British Transport Police or the Civil Nuclear
Constabulary (CNC) in certain areas. Some front line civilian
police roles are also eligible – this varies by force
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Prison Service
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Prison officers and related grades, operational support grades,
nursing staff and industrials.
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Probation Service
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Probation officers, senior probation officers and probation
service officers. Trainee probation officers are eligible for
discounted rent properties only.
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Local Authority
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Local authority employed clinical staff, adult social workers,
occupational therapists, educational psychologists, speech and
language therapists, rehabilitation officers for the visually
impaired and qualified nursery nurses. Local authority
planners employed by the Local Planning Authority delivering
statutory planning services.
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Fire fighters
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Uniformed fire and rescue staff below principal level.
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Sometimes New Build HomeBuy is offered to key workers with
“broad definition” roles. In these cases the key worker roles
are set according to local priorities and they include roles
additional to those listed above.
I am not a public sector key worker; can I still apply for Open
Market HomeBuy?
The options more widely available to people who are not key
workers are New Build HomeBuy and Resales. Your application
for these programmes is welcome, subject to other eligibility
criteria.
Can I afford it?
Buying a property is expensive and feedback from purchasers
confirms that an amount of £3500 to cover the one-off costs is
realistic. To proceed with your application, you will need to
have access to at least £3500, either through savings or from
family/friends, without the need to borrow extra money on your
mortgage or to take out a personal loan.
Can I buy additional shares?
If you buy a New Build HomeBuy property you can increase your
ownership at a later stage and own the property outright if you
wish to. This is called “staircasing”. Many people who buy
affordable homes staircase to become full owners.
If you purchase through Open Market HomeBuy you can also buy the
remaining 25% at a later stage and own the property outright.
How do I know which properties are available?
All housing associations that are offering homes for sale or
discounted rent in your area are marketing their properties online
at www.homebuy.co.uk. Please visit that website to view full
details. If you apply to Moat and you are eligible, they will
try to match your application to the best possible solution, and
they will contact you with more details. Moat will share your
application details with other housing associations who may also
send you property information.
Please click on the link below to view recent one, two and three
bedroom homes available for New Build HomeBuy and discounted rent
in Kent and the surrounding areas.
New
Build HomeBuy homes
I have seen a new property that is being built and I am
interested. What do I do?
If you decide to apply, the easiest way to do this is through
http://www.homebuy.co.uk/
The online process should take around 20 to 25 minutes provided you
have easy access to your income, expenditure, loans, etc. Please
complete all the information you are requested to. If you apply
online you should receive an email acknowledging receipt of your
online application after you submit it.
Alternatively call Moat for an application form and one will be
put in the post to you.
If you are interested in a specific development, please always
remember to include the name of the development on your application
so that it can be fast-tracked.
Although I live and work in this area, I am not a UKNational. Am
I eligible to apply?
You will be eligible to apply for HomeBuy if you have the right to
reside permanently in the UK. If you are not a British
citizen this means you should have “indefinite leave to remain”
stamped inside your passport. People from member states of the
EU/European Economic Area may also apply if you are currently
living and working in the UK.
If you do not have the right to reside permanently in the UK we
can consider your application to rent a home at discounted rent
(key workers only) or to buy a home for 100% sale.
I have no idea how to get a mortgage or if I can afford one. How
do I find this out?
It would be a good idea to speak with an independent mortgage
advisor. Moat suggests a panel of advisors; these people have
experience and knowledge of mortgages for HomeBuy and are qualified
under the Financial Services Authority to provide mortgage
advice.
Do I need to find a solicitor?
You will need professional legal advice if you proceed to purchase
through HomeBuy. Moat suggests a panel of solicitors with
experience and knowledge of HomeBuy – this can make a big
difference to how smoothly your purchase proceeds.
What happens if I want to sell my home and move, after I have
purchased through HomeBuy?
Advice about selling and re-purchasing a property would be
available from the housing association that dealt with the original
purchase.
What are Moat’s contact details?
Detailed information is available online at http://www.moat.co.uk/ or http://www.homebuy.co.uk/.
Alternatively call Moat on 0845 359 6161. Moat’s
customer enquiry team is available from 8.30am to 5.30pm Monday to
Friday.
Demand for affordable homes is always high and we are expecting
this new HomeBuy programme (started on 1 April 2006) to be very
popular. If you are interested, please contact Moat as soon
as possible.
Further Information
The First
Time Buyers Initiative: Buyers Guide
Please be aware that the market value of properties can go
down as well as up.
Your home may be repossessed if you do not keep up repayments on a
mortgage or any other debt secured on it.
Home Focus
Homefocus magazine has recently launched the brand new website
http://www.homefocusmagazine.co.uk/.
The website has been designed in line with the aims of the magazine
– to raise the profile and awareness of low cost home ownership
while helping housing associations to generate qualified enquiries
from interested buyers.
The site includes detailed explanations of the
various Homebuy schemes, legal and financial advice, case studies
of successful buyers and a selection of properties from across the
country. To help point buyers in the right direction you will also
find directory listings of homebuy agents and housing providers in
regional pages designed to help direct site traffic to the nearest
local housing provider.