Products and options 

A guide to options

HomeBuy provides a wide range of options to suit individual needs:

Open Market HomeBuy:

What is it? Open Market HomeBuy is a government backed scheme which enables people to buy a home on the open market by allowing access to additional money in the form of equity loans to supplement a mortgage.

There are two products available through Open Market HomeBuy:

MyChoiceHomeBuy 

Ownhome 


Other HomeBuy products:

 

New Build HomeBuy:

What is it? Moat build brand new houses and apartments to purchase on a part buy/part rent basis.

How much money do I need to raise? You will buy shares worth from between 25% to 75% of your chosen home’s market value. A subsidised rent is payable to Moat on the remaining share.

Click here for part buy/part rent new developments

New Build Shared Equity:

What is it? This is a new government initiative announced in May 2008 that allows you to purchase a brand new home through a developer with a MyChoiceHomeBuy shared equity loan.



Resales:

What is it? When any of our existing part buy/part rent homes become available for resale, you can buy the share from its current owner.

How much money do I need to raise? The share available depends on how much is already owned by the existing shared owner. A subsidised rent is payable to Moat on the remaining share.

Click here for part buy/part rent properties


New Build Discounted Rent:

What is it? Brand new homes available to rent at a subsidised rate, predominantly for public sector key workers.  However, on occasions other priority individuals can be accepted, subject to scheme criteria.

How much money do I need to raise? There is no minimum income or savings required for this scheme – you only need to demonstrate you have the means to make the monthly rental payments.

Re-lets. Once a property is vacated it becomes available again for rent.

Rent to HomeBuy:

What is it? Brand new homes available to rent at a subsidised rate, with the opportunity to purchase a share in the property after two to three years.

How much money do I need to raise? You will need to demonstrate you have the means to make the monthly rental payments and that you are likely to be able to afford to purchase a share in the property in the future. Moat will make this assessment at the time of application. No savings are required at time of application - the scheme enables you to save for a deposit to buy a share in the home while you are renting.

Social HomeBuy:

What is it? The opportunity for housing association tenants to purchase a share in their home.

Who is eligible? Housing association and local authority tenants, subject to your landlord’s approval and participation in the scheme.

How much money do I need to raise? For further information, you will need to contact your landlord directly.


First Time Buyers Initiative:

What is it? The First Time Buyers Initiative (FTBI) is part of the governement’s nationwide low cost home ownership initiative – Moat will be offering FTBI homes in the South East. The scheme applies to new build homes only – you buy your brand new home with an affordable mortgage and with additional assistance from the government.

How much money do I need to raise? You will need to take out an affordable mortgage for a minimum of 50% of the full purchase price through a normal lender. The government then provides additional assistance to buy up to the full purchase price.


Who is eligible for HomeBuy?

First time buyers who cannot afford to buy a suitable home on the open market. Priority is given to council tenants, housing association tenants, those on housing waiting lists for social rented housing who are nominated by the local council as being in housing need, public sector key workers and other priority first time buyers including people serving the community or making a direct contribution to the economy as determined by Regional Housing Boards.

Click here to view information on our independent mortgage advice panel. 

Your home is at risk if you do not keep up rent and mortgage repayments or payments on other loans secured on it.

Please note the value of properties can go down as well as up.