What is HomeBuy?

HomeBuy is a programme that helps people who wish to buy a property but cannot afford to, and those who wish to rent but cannot afford to pay market rents.  Most of the people eligible are either public sector key workers, or people in other priority groups, for example council or housing association tenants.

Most people who apply for HomeBuy are first time buyers, but the programme can also help you if you need to buy a property in situations where your household has outgrown existing arrangements or where you need to buy a property because of a relationship breakdown.

How do I apply for HomeBuy?

Moat is the government’s appointed HomeBuy Agent for HomeBuy in Kent. Anyone interested in applying for HomeBuy should contact Moat by visiting www.homebuy.co.uk or calling 07002 662846. This web site provides comprehensive information about HomeBuy and offers the facility to apply online.  Moat works with other housing associations to match applications to the best available housing solution.

HomeBuy leaflets and application forms are also available from your council’s offices.

So how does it work?

Open Market HomeBuy offers an equity loan so that you purchase approximately 75% of the equity in a property of your choice from the open market, subject to criteria.  The remaining 25% is funded through the equity loan with no interest to pay on that loan.  The loan is repayable at market value when the property is eventually resold.  Open Market HomeBuy is mainly for key workers.

New Build HomeBuy offers new homes on a part buy/part rent basis where you purchase a share in the property, typically 50%, and pay a discounted rent to the housing association on the remaining share.

New Build discounted rent – new homes available at approximately 80% of market rents for homes of similar size and specification in the surrounding areas.  These are available only to key workers.

Resales – where existing shared owners wish to sell their properties, they are marketed and sold to people who have applied to Moat.
Homes for 100% sale at market prices to suit first time buyers and others.

Note:  Open Market HomeBuy is currently under government review and may be subject to change around October 2006. The change is likely to alter the information described on this web page.

What is a key worker?

Key workers eligible for HomeBuy are defined within a number of qualifying roles within the public sector.  These are:

Sometimes New Build HomeBuy is offered to key workers with “broad definition” roles.  In these cases the key worker roles are set according to local priorities and they include roles additional to those listed above.

I am not a public sector key worker; can I still apply for Open Market HomeBuy?

The options more widely available to people who are not key workers are New Build HomeBuy and Resales.  Your application for these programmes is welcome, subject to other eligibility criteria.  An outline of the eligibility criteria is provided in the 'Am I Eligible' pdf document (146kb).

Can I afford it?

Buying a property is expensive and feedback from purchasers confirms that an amount of £3500 to cover the one-off costs is realistic.  To proceed with your application, you will need to have access to at least £3500, either through savings or from family/friends, without the need to borrow extra money on your mortgage or to take out a personal loan.

If you think you can afford a mortgage we suggest you seek advice from an independent mortgage advisor.  Click here for details of advisors on Moat’s panel.

Can I buy additional shares?

If you buy a New Build HomeBuy property you can increase your ownership at a later stage and own the property outright if you wish to. This is called “staircasing”. Many people who buy affordable homes staircase to become full owners.

If you purchase through Open Market HomeBuy you can also buy the remaining 25% at a later stage and own the property outright.

How do I know which properties are available?

All housing associations that are offering homes for sale or discounted rent in Kent are marketing their properties online at www.homebuy.co.uk.  Please visit that website to view full details.  If you apply to Moat and you are eligible, they will try to match your application to the best possible solution, and they will contact you with more details.  Moat will share your application details with other housing associations who may also send you property information.

I have seen a new property that is being built and I am interested.  What do I do?

Before you apply please check your eligibility against the criteria outlined in the 'Am I Eligible' pdf document (141kb), or contact Moat on 07002 662846 to request a copy of the leaflet Am I eligible?

If you decide to apply, the easiest way to do this is through the HomeBuy website at www.homebuy.co.uk. The online process should take around 20 to 25 minutes provided you have easy access to your income, expenditure, loans, etc. Please complete all the information you are requested to. If you apply online you should receive an email acknowledging receipt of your online application after you submit it.

Alternatively call Moat for an application form and one will be put in the post to you.

If you are interested in a specific development, please always remember to include the name of the development on your application so that it can be fast-tracked.

Although I live and work in Kent, I am not a UK National. Am I eligible to apply?

You will be eligible to apply for HomeBuy if you have the right to reside permanently in the UK.  If you are not a British citizen this means you should have “indefinite leave to remain” stamped inside your passport. People from member states of the EU/European Economic Area may also apply if you are currently living and working in the UK.

If you do not have the right to reside permanently in the UK we can consider your application to rent a home at discounted rent (key workers only) or to buy a home for 100% sale.

I have no idea how to get a mortgage or if I can afford one. How do I find this out?

It would be a good idea to speak with an independent mortgage advisor.  Moat suggests a panel of advisors; these people have experience and knowledge of mortgages for HomeBuy and are qualified under the Financial Services Authority to provide mortgage advice.

Do I need to find a solicitor?

You will need professional legal advice if you proceed to purchase through HomeBuy.  Moat suggests a panel of solicitors with experience and knowledge of HomeBuy – this can make a big difference to how smoothly your purchase proceeds.

What happens if I want to sell my home and move, after I have purchased through HomeBuy?

Advice about selling and re-purchasing a property would be available from the housing association that dealt with the original purchase.

How have others found the experience of purchasing an affordable home?

Hundreds of people across the whole of Kent have purchased affordable homes through schemes such as those on offer through HomeBuy.  Click here to view case studies of successful purchases.

What are Moat’s contact details?

Detailed information is available online at www.moat.co.uk or www.homebuy.co.uk. Alternatively call Moat on 07002 662 846. Moat’s customer enquiry team is available from 8.30am to 5.30pm Monday to Friday.

Demand for affordable homes is always high and we are expecting this new HomeBuy programme (starts on 1 April 2006) to be very popular.  If you are interested, please contact Moat as soon as possible.

Please be aware that the market value of properties can go down as well as up.

Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.