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Do you want to own a home of your own, but think that you can't afford it? Have you heard of the government-sponsored HomeBuy Initiative? You could be a homeowner within 6 to 8 weeks!

What is HomeBuy?

HomeBuy is a government initiative that helps eligible individuals and families to get onto the property ladder by offering assistance in a number of different ways. For many people, this will provide the best chance of owning a home in the area in which they want to live and work.

What is a Homebuy Agent and who are Catalyst Housing Group?

The Council works with Catalyst Housing Group, the government appointed Homebuy Agent covering the Bracknell Forest area, to promote the HomeBuy initiative and all the available options.

There are three core parts:

• NewBuild HomeBuy

This is also known as ‘Part-buy/Part-rent or ‘Shared Ownership’. Under this initiative, eligible individuals are able to become home owners by buying a share of a newly-built property (from as low as 25%) and pay a subsidised rent on the portion they don’t own.

Individuals then have the opportunity to increase their share of the property as their financial situation allows by ‘staircasing’. However, this is not compulsory.

Catalyst Housing Group can provide you with details of the developments in your area that offer ‘part-buy/part-rent’ opportunities.

From time to time ‘part-buy/part-rent’ properties will become available as a result of existing owners moving further up the property ladder. These are known as ‘Re-sale’ properties.

• First Time Buyer’ Initiative (FTBI)

The government has also introduced FTBI as part of the HomeBuy program. This initiative only applies to specific developments and allows first time buyers to fund from just 50% of the proposed purchase. The government will then fund the remaining share. For the first three years there is no interest charge on the government funded portion. After this time a nominal staggered interest charge is applied.

There is an option to repay the loan in instalments of 10% after the first 12 month period.

• Social HomeBuy

This is an initiative where housing association and local authority tenants are helped to buy their current home. This is likely to be of interest to tenants who don’t qualify for the ‘Right to Buy’ or ‘Right to Acquire’.

Eligibility Considerations

To be eligible, candidates must fit into one of the following criteria and must not have a household income in excess of £60,000 per annum:

• First time buyers

First time buyer groups are determined by Regional Housing Boards (RHB) who cannot otherwise afford to buy a home. This will be subject to qualifying criteria.

• Key workers

These are defined by government and the housing regulator. They are likely to include those working in the public sector in health, education or community safety (such as teachers, nurses, social workers and police officers) in areas where high house prices are affecting recruitment and retention.

• Social tenants and those on the housing register

Tenants of councils and housing associations and those who are on the Local Authority Housing Register. Households who can’t afford to buy their own home and who have been identified as eligible and prioritised for assistance within the region by the Regional Housing Board.

Note: Individuals who are making a direct contribution to the local economy who can’t afford to buy a property are likely to be accepted onto the Housing Register of the Local Authority that they are seeking to reside in. Please ask.

• Those who have had a major change in circumstances

These are current or previous home owners who are looking for a new property as a result of a major change in their personal circumstances such as divorce/separation or being a victim of domestic violence. Subject to approval.

• Other

Those who have previously owned a property, but are not owners at the present time may be eligible to apply. Please ask.

So if you meet these requirements what should you do now?

If you are not already on the Bracknell Forest Council Shared Ownership register you need to:

1. Download an application form and return it in the post. Alternatively, you can ring 01344 352009 to ask for an application form to be sent to you.
2. Register with Catalyst Housing Group by telephone on 0845 601 7729 or complete an online application at www.catalysthomebuy.org.uk. More details about the available options and schemes are available on the website.  

What happens next?

Once on Catalyst Housing Groups Homebuy Register, you will: -

• Receive a letter confirming your eligibility and outlining the level of assistance you are likely to receive
• Be kept up-to-date with the latest government initiatives
• Receive marketing details of any suitable new affordable housing schemes that are being developed in the district.
• Receive details of re-sales of existing shared ownership properties,
• Have access to any other HomeBuy options promoted by Catalyst and advertised through the HomeBuy website, subject to any eligibility criteria.

For developments where there is high demand, the Council will nominate applicants in priority order where necessary so it is really important that you keep your Housing Register and Catalyst application up to date if there are any changes to your circumstances

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