All First Time Buyers below a gross household income maximum of £60,000 per annum, who cannot afford to purchase a property suitable for their housing needs.  
Priority will be given to:

• Social rented tenants of Local Authorities and Housing Associations
• Public sector key workers
• Other First Time Buyers

In certain circumstances current or previous home owners may also be considered e.g. applicants going through relationship split who are still unable to afford a property suitable for their housing needs

You may apply for this scheme whether or not you have a deposit.  However we estimate you will need about £3,500 to cover legal fees, mortgage fees, stamp duty and other costs associated with buying and moving into a property, and these costs may not be added onto your mortgage.  However Aldwyck Housing Association will make a contribution of £1,500 towards your costs, limited to the first 53 applicants who complete their purchase. The contribution will be paid on completion and on a first come first served basis.

You choose a suitable property (probably through an estate agent or developer) of traditional construction, on the open market.  You may choose 1 bedroom more than your current need if it is an affordable and sustainable option for you.

• Mobile homes of any sort e.g. houseboats, caravans etc.
• Properties brought at Auctions
• Properties that need more than £5,000 spent on defects to bring them up to standard
• Commercial properties
• Leasehold properties with less than 55 years on the lease

If in doubt, please check with Lea Valley Homes

You must have your HomeBuy Agent’s permission in writing before you make alterations to your property.  However, the HomeBuy Agent cannot withhold permission unreasonably.

You can pay back all or part of your equity loan after one year of owning your home. The minimum percentage you may pay back is 10% and your home will be valued by an independent surveyor who is a member of the Royal Institution of Chartered Surveyors (RICS). If you decide to proceed, it will be at a price based on the valuation at that time. The monthly charge that you pay will be reduced proportionately - to zero in the event that you pay back your loan completely.

There is a low monthly interest charge on the loan of up to 1.75% p.a. reviewed annually.

It will be your responsibility to repair and maintain your home, along with paying all bills including amenities, council tax and buildings insurance.

The loan you receive through the MyChoiceHomeBuy scheme represents a percentage of the purchase value of your property.  If you have not paid off any of the original loan when you sell, you will repay the same percentage based on the property’s value at the time of sale. In certain circumstances, you can transfer your loan to another property but you must have the prior approval of your equity loan provider.

There are certain circumstances where key workers are allowed to transfer their loan to another property. However, in general this is not allowed and you will have to repay your loan if you wish to move. Please contact Lea Valley Homes for advice.