HomeBuy is a government scheme to help people in housing need to purchase a home of their own. The scheme is open to council tenants, housing association tenants and private tenants, first time buyers and keyworkers with a household income of less then £60,000.
Isos is the government appointed Homebuy agent for Tyne & Wear and Northumberland.
What is affordable housing?
It is housing which is provided to meet the needs of those who are unable to buy or rent housing generally available on the open market. In Gateshead this usually takes the form of Council or Housing Association property to rent although low cost home ownership schemes have been developed and will continue to be provided in future housing development schemes.
What is the Council doing to make sure there is more Affordable Housing?
Gateshead Council works with private developers and housing associations to bring forward sites for new affordable homes. For example, where private developers wish to provide homes for sale on larger sites, the Council will negoiate for a proportion of the site to be developed by a housing association for the provision of affordable homes.
Following an announcement by Housing Minister John Healey on 9th September 2009 the council have built 61 new homes for the first time since 1986. The Council will continue to work with housing associations and the Homes and Communities Agency to build new affordable homes for rent and low cost home ownership.
What is FirstBuy?
Firstbuy is a new government Homebuy scheme which allows qualifying applicants to purchase selected new build properties with the assistance of an equity loan to cover 20% of the cost of the purchase.
Further information on the FirstBuy scheme and developments where properties can be purchased through FirstBuy are available from The Home Ownership Team.
To apply for FirstBuy please contact Isos who will carry out the necessary assessments on behalf of all developers.
What is NewBuy?
NewBuy lets you buy a newly built home with a deposit of only 5% of the purchase price. To qualify for NewBuy, your new home must be:
A new build – being sold for the first time or the first time in its current form (eg a new flat that used to be part of a house)
Price of £500,000 or less
Your main home (you can’t use NewBuy to buy a second home or a buy-to-let property)
Owned fully by you (you can’t used NewBuy for shared ownership or shared equity purchases)
Built by a builder taking part in the scheme
You must either be a UK Citizen or someone with the Right to remain indefinitely in the UK
You don’t have to be a first-time buyer and there’s no limit on your level of income. But you can’t use NewBuy with any other publicly funded mortgage scheme.
To apply for the scheme you must first apply for a mortgage from an approved lender. The lender will check that you can afford to repay it, as they would for any other type of mortgage. If the lender is satisfied, and you meet all the criteria above, you could be able to get a mortgage of up to 95% of the purchase price.
Find out what to do next on the NewBuy website
Armed Forces Home Ownership Scheme
The Armed Forces Home Ownership Scheme is a Homebuy option designed specifically for members of the armed forces to assist serving personnel to buy a home on the open market with the assistance of an equity loan to cover between 15-50% of the value of the property.