There are two new products which replace Open Market HomeBuy. Product one is Ownhome HomeBuy and product two is MyChoice HomeBuy.
How Ownhome works
Ownhome is provided by a partnership between Places for People and The Co-operative Bank. Ownhome is part-funded by the government, and is designed to help people who cannot currently afford to purchase suitable accommodation, to make their first step onto the property ladder.
Ownhome consists of two parts: an Ownhome loan from Places for People and a mortgage from The Co-operative Bank.
Places for People could lend you between 20 and 40% of the value of your new home, with no interest payments for the first five years, plus the Co-operative Bank could offer you a choice of repayment mortgages from their award winning range on the remainder.
For example - this means that if you qualify for a mortgage of £90,000, you could buy a property worth up to £150,000.
Who can apply?
Ownhome is designed to help people who can't afford to buy a suitable home. The following questions are for general guidance -
Are you - a key worker, renting social housing (or in priority need on a social housing list) or a first time buyer?
Is your household income less than £60,000 each year?
If you answer YES to BOTH questions, you are likly to qualify for a Places for People loan. For more information, or to apply, contact Ownhome on 0845 607 0110 or your local HomeBuy agent on 0845 607 6726.
Your local HomeBuy agent will establish if you qualify for a HomeBuy product under specific regional rules. If you do qualify, you will automatically be eligible for an Ownhome loan from People for Places.
If you don’t qualify, your local HomeBuy agent will be able to offer you advice on any other help available to you.
Once you have qualified for an Ownhome loan from Places for People, you will need to qualify for a mortgage from The Co-operative Bank in order to be offered the Ownhome package.
For further information, download the Ownhome brochure.