Open Market HomeBuy is a Government-backed scheme that aims to help certain groups of people who cannot afford to buy a home on the open market without assistance.
The scheme provides access to additional money called equity loans which run alongside a conventional mortgage loan.
Two equity loans, each worth around 12.5% of the value of your home are provided:
The level of the loan reflects the gap between what you can raise through your savings and a conventional mortgage and the average price of a local property that is suitable for your needs. Average equity loan levels will therefore vary according to local house prices
Who Can Apply?
The HomeBuy scheme is only open to council or housing association tenants or those on a local authority housing register. You must live in one of these areas or be registered on the local authorities housing waiting list to be able to apply for HomeBuy with Orbit First Step, although once accepted on the scheme you can choose to buy a home anywhere in the UK area.
Am I eligible?
To apply for the HomeBuy scheme you must be a local authority or housing association tenant or on the housing register in an area for which Orbit First Step has funding, currently Norfolk and Suffolk (excluding Forest Heath and St Edmundsbury).
How do I apply?
The schemes are managed by appointed HomeBuy agents for each area of in the country which have details of all the schemes and how to apply.
For Norfolk and Suffolk (except Forest Heath and St Edmundsbury) please contact Orbit HomeBuy Agents
Tel: 0845 850 2050
For more information about the Open Market HomeBuy Scheme please click here.
Can I buy any property?
Yes you can buy any property in the UK as long as you have the means to fund the mortgage.
To look for available properties to buy click here.
For information about mortgages and how to calculate what you could borrow click here.