Low Cost Home Ownership
Low cost home ownership schemes have been developed to help council and housing association tenants, key workers, those on the local authority housing register, first-time buyers and others in housing need who are unable to buy a home outright.
Orbit HomeBuy Agent is a government-appointed HomeBuy Agent, responsible for marketing all low cost home ownership schemes in Cambridgeshire and West Suffolk.
Orbit HomeBuy Agent offers the following schemes:
• Shared Ownership – is a fantastic opportunity if you want to get your foot on the property ladder but cannot afford to buy a home on the open market.
It allows you to buy a share in a property built by a housing association and pay a subsidied rent on the part that you do not own. You can buy an initial share of between 25% and 75% of the property and pay rent on the remaining share.
• HomeBuy Direct - This option is offered by private developers on selected new homes.
You buy a minimum of 70% of a property. An equity loan of up to 30% is provided to assist your purchase. There are no payments on the loan for the first five years. After five years there is a fee on the share you do not own.
• Rent to HomeBuy - This option offers new build homes to rent for a pre-defined period of time with the expectation that you will buy a share of the property at the end of the rental period.
Homes are available through a range of housing associations on assured shorthold tenancies with a rent of 80% (or less) of private market rents. The rent is payable for a limited period, after which time there is an expectation that you will purchase the property on the terms of New Build HomeBuy.
• Intermediate Rent – these are homes available to applicants who are eligible through Orbit HomeBuy Agent at rents set lower than the private sector.
Who can apply?
• First time buyers or current home owners with a housing need
• MOD personnel
• Social tenants and those on local authority waiting lists
You must have a household income of less than £60,000 per annum
To find out more about who is eligible and the options available, visit
Orbit HomeBuy Agent and fill in an online application form.
Visit Orbit HomeBuy Agents
Alternatively, call the Orbit HomeBuy Team on 03458 50 20 50