New Build HomeBuy was formerly known as Shared Ownership. It is a part-rent part-buy scheme which offers applicants on lower incomes the chance to become home owners. You purchase a share of a property that is affordable for you now, but the scheme has the flexibility to allow you to purchase additional shares in the future until you own the property outright. (The exception to this is ‘fixed-equity’ where you may only purchase the share for sale and there is no opportunity to stair-case in the future)

• Existing tenants of local councils and housing associations
• Those registered on local housing registers
• Key Public Sector employees
• Some other priority first time buyers’ e.g. local authority employed support workers, state funded teaching assistants & learning support assistants, NHS employed medical secretaries and medical receptionists if they work in Herts.
• Other first time buyers who cannot afford to purchase a property without assistance
• In certain cases, current or previous home owners who are going through a relationship split and the property is being sold to share the equity, assuming they cannot afford to purchase another suitable property without assistance.

Priority will be given to certain groups e.g. existing social housing tenants.

Buying a property is expensive, and applicants in the Hertfordshire area will have to have access to approximately £3,500 to cover the ‘one-off’ legal fees, mortgage arrangement fees etc. This may be funded through your own savings or from help via family/friends etc. without the need to take out a personal loan or borrow the money on your mortgage.

We recommend you seek advice from an independent mortgage advisor to see if home ownership is a realistic option for you.

If your property is an apartment your landlord will be responsible for the fabric of the building, communal areas and buildings insurance and these costs will be included in your monthly service charge for the communal services e.g. maintenance of communal gardens, door entry systems etc.