MyChoiceHomeBuy 

MyChoiceHomeBuy is a government shared equity product.  Its aim is to help social tenants, key workers and first time buyers who cannot afford to buy a suitable home in the area where they live or work.

MyChoiceHomeBuy can help people who earn between £20,000-60,000 p.a. to buy their own home on the open market. You will own the home and our loan will be secured by a second charge against the property.

Who can apply for MyChoiceHomeBuy?

All first time buyers earning less than £60,000 can apply, provided they cannot afford to buy a property to suit their basic household needs on the open market. The scheme is demand-led, based on affordability. Although most first time buyers are now eligible, we will continue to prioritise social tenants and public sector key workers who apply.
We can also help people who have previously owned properties but are now unable to buy without assistance, for example in the case of relationship breakdowns, or families who are over-crowded in their existing homes.

Funding for MyChoiceHomeBuy is extremely limited and will be allocated on a first come, first served basis on finding a property and having the purchase approved by us. Should you find a suitable property, before making an offer you must contact us to ensure that sufficient funding is available.

Please note that funding is not reserved for you until we have received all supporting documentation and your purchase has been approved by us. If there is a delay in sending us your supporting documentation you may not secure funding through this scheme.

How does it work?

After your application has been approved to proceed, you choose a suitable property (usually through an estate agent or a developer) on the open market. You will receive a letter from us confirming our agreement for you to proceed at this stage. We will also ask you to undergo a financial assessment with an independent financial advisor from our panel.

You will need to obtain a mortgage through a bank or building society. When the property you choose is approved by us, you pay a percentage of the purchase price with a mortgage and any savings or deposit you may have.

As your local MyChoiceHomeBuy provider, Moat will give you a shared equity loan to cover the remainder of the purchase price between 15% and 50% of the property value, depending on your individual circumstances. There is a low monthly interest charge on the loan of 1.75% per annum, this will increase annually in line with inflation. The loan is redeemed in full when the property is sold. We recommend that you speak to an independent financial advisor for guidance on mortgages, the equity loan and the terms of repayment.

To apply for MyChoiceHomeBuy please click here.

Click here to view the MyChoiceHomeBuy brochure.

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 that the value of properties can go down as well as up.