HomeBuy is a government-led initiative that allows eligible individuals and families to get onto the property ladder or into discounted rental accommodation. It offers help in a number of ways and you could be a homeowner within 6 to 8 weeks.
We work with Catalyst Housing Ltd, the government appointed Homebuy agent which covers the Berkshire area, to promote the initiative and all the available options.
Catalyst Housing Ltd provides a "one-stop-shop" service for home ownership and rental opportunities. Once registered with Catalyst for HomeBuy, individuals are assessed to identify the schemes they are eligible for.
Catalyst also organises HomeBuy free entry shows where independent financial advisers and solicitors give affordability assessments and advice. It’s a great opportunity to get more information and have queries answered face to face. More details on these shows can be found on the Catalyst website.
There are different scheme types offered under the HomeBuy initiative. The right one depends on your circumstances.
Shared Ownership is a part-buy/part-rent scheme (previously known as NewBuild HomeBuy). It allows the purchaser to buy a percentage of a newly built property, usually from a housing association.
Under this scheme the purchaser would initially buy between 25% and 75% of the newly built home from the provider. The provider has ownership of the unsold share on which a subsidised rent is charged. The rent is normally paid monthly.
This scheme suits those who can't:
Staircasing is when the 'shared owner' can purchase further shares in the property, normally at a minimum of 10%, if and when they can afford to and want to. This can be done until the property is owned outright, subject to terms and conditions.
Resales are shared ownership homes that become available when existing 'shared owners' wish to sell their stake in the property they own. This is normally because they move up the property ladder due to a change in circumstances.
The share that can be purchased and the rent payable will differ from one property to another, due to the differences in the percentage initially purchased and any staircasing that has occurred.
Equity loan schemes offer low interest loans that boost a purchaser’s affordability as it tops up the mortgage they can get. These schemes allows the purchaser to buy a property they otherwise could not afford. The loans offered vary in their repayment requirements and depends on the specific provider. It will sometimes offer interest free periods, followed by very favourable terms.
We and Catalyst Housing Ltd, have developed a Slough Home Purchase Assistance Scheme. Places on this scheme are limited and are on a first-come, first served basis to eligible households. To qualify you need to be:
You could be eligible to access up to £50,000 in the form of a low-interest-only loan to boost your affordability and buy a home of your choice in the open market.
For more details, to register your interest, or for an application form, email equityloans@chg.org.uk or call Catalyst Housing Ltd on 0845 601 7729. Or you can call Lou McKay, housing initiatives officer on 01753 475111.
FirstBuy is an equity loan scheme which gives a loan of up to 20% of the full purchase price of the property. You don’t have to pay any interest for the first 5 years but from year 6 onwards, an interest charge is payable. It offers eligible individuals the chance to buy a new home in a specified development.
FirstBuy is available at the following Slough developments:
If you want to buy through FirstBuy please apply and register with Catalyst Housing. They will provide you with information on FirstBuy schemes and do headline affordability and eligibility checks. Go to Catalyst Housing's website for more details, or contact them on 0845 601 7729.
This scheme lets purchasers rent a newly built property from a provider at a rate which is normally 80% (or less) of the current market rental value. The rent is payable for a pre-defined period. After this time, the tenant is expected to purchase a share in the property through the Shared Ownership scheme, and become a ‘part-owner’.
The rental period gives the prospective purchasers(s) the chance to save for a deposit to buy a share of the property they are renting. Some providers of this scheme may offer incentives to save while the property is being rented. There is, however, no obligation to buy a share in the property.
Intermediate rent gives a short term tenancy at 80% of typical market rates. The initial rental period is mostly for 6 months. The person’s ongoing need for the property may be reviewed on an ongoing basis. Under some circumstances, at a later date, tenants may have the option to buy a share of the property by changing the tenure to Shared Ownership.
A2 Dominion look afters Slough’s Intermediate Rent scheme for keyworkers. It is located at Regional House, High Street, Slough. For more details and availability on Intermediate Rent go to the A2 Dominion website.
This scheme allows some housing association or local authority tenants to buy their current home either outright or on a part-buy/part-rent basis with a discount. To do so, their landlord must have decided to take part in the scheme. Please note Slough Borough Council is not taking part in this scheme.
This would benefit tenants who do not qualify for the Right to Buy or Right to Acquire or who aren’t in a position to buy their home outright.
You will need to contact your landlord for further details.
The initial eligibility criteria for the HomeBuy scheme are:
Once you have met the initial eligibility criteria, the government has prioritised the following 4 groups:
The following may be considered on a case by case basis:
Other eligibility considerations:
If you are not on Slough Borough Council’s housing register you can find the housing register application form and information booklet on this site or call the Customer Service Centre on 01753 475111 for the form.
If you are on the register and want details on the schemes available in Slough, please call the housing initiatives officer on 01753 875543.
You will also need to register with Catalyst Housing Group through their website or call 0845 601 7729.
All the usual costs involved when you buy a property will apply:
Your expenses each month will include your monthly mortgage repayments, buildings and contents insurance (buildings insurance is sometimes collected with the service charges) and the rent on the share of the property owned by the housing association. You may also have to pay interest on an equity loan.
Please remember your home will be at risk if you fail to keep up your mortgage and rent repayments.
Don’t forget to budget for utilities such as gas, electric, water and other costs such as council tax, telephone, television licence etc.
You can get further information on all the above schemes on the following websites:
Slough also works with the following housing associations who have shared ownership schemes in Slough – you can find more details from there website:
For all enquiries please contact the Customer Service Centre
01753 475111
01753 875030
MyCouncil
Landmark Place
High Street, Slough
SL1 1JL, opposite
Slough Library
MyCouncil opening times.
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