What is Homebuy?
Homebuy is a range of low-cost home ownership products developed to
make home ownership more affordable and help people get a foot on
the property ladder. Orbit First Step is administering the scheme
on behalf of Waveney. To find out if you may be eligible you need
to contact Orbit First Step. Orbit First Step can be contacted on
08458502050 or at
www.orbithomebuyagents.co.uk
In order to purchase a home through a Homebuy Scheme you also need
to be registered onto the Waveney District Council Joint Housing
Register. An
application form can be
downloaded or obtained by ringing Housing Options on
01502 523141.
Types of Schemes Available
New Build Homebuy (formerly Shared
Ownership)
New Build Homebuy enables you to take your first step into home
ownership by typically buying 50% share of a property provided by a
registered social landlord, through either a mortgage or
savings.
A monthly rent is payable to the registered social landlord for the
remaining share of the property. As your circumstances or finances
change you can then buy further shares until you own the whole
property.
Open Market Homebuy
This scheme allows applicants to apply for a regular mortgage
topped up with an equity loan.
Key Public Sector Workers, social tenants, applicants registered on
the waiting list and other priority first time buyers will be
considered.
New Expanded Open Market Homebuy
The Government is on track to make available an expanded Open
Market Homebuy product from 2 October 2006.
The Government is working with lenders to enable this scheme to be
extended to give key public sector workers, social tenants, those
on the housing register or housing association home to rent, and
other first time buyers that have been prioritised the opportunity
to have real choice.
Key Worker Living
The scheme assists certain groups of Key Workers to help buy or
rent a home. New Build Homebuy and Open Market Homebuy are both
available to Key Workers, along with Intermediate Renting. This is
where the rent is set at a level between that charged by social and
private landlords.
Social Homebuy
This scheme enables tenants of Waveney District Council to
purchase their existing accommodation.
Details of the scheme can be found on the
Social Homebuy page of this
site.
How do I know if I am eligible for
help?
You need to contact Orbit First Step on 08458502050 who will send
an information pack and application form, or visit their website at
www.orbithomebuyagents.co.uk where you can
complete an application form on-line.
Please note that you would need to be registered onto Waveney’s
Joint Housing Register and you may need to show a local connection
with the area in which you wish to purchase a dwelling.
A booklet is available giving full details on all the Homebuy
products. This can be obtained on request from the Housing Options
team by calling (01502)
523141.