Woking Borough Council
Civic OfficesGloucester SquareWokingSurreyGU21 6YL
Telephone: 01483 755855
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The following information answers questions that are frequently asked about Homebuy (previously known as Shared Ownership).
Homebuy was introduced in 2006 and is the term used to describe assisted
home ownership. Homebuy is a way in which those that cannot afford to buy a home on the open market may be able to get help to buy a home. There are a number of different schemes available, however not everyone will be eligible for all of the schemes. For all schemes applicants will have to have sufficient income to obtain and sustain a mortgage, and will normally require access to funds for a deposit and/or initial costs and fees.
All Homebuy schemes for the Woking area are administered by Catalyst Housing Group, the Homebuy Agent for Surrey.
Homebuy is for people who want to buy a home of their own but can't afford to pay the full price straight away. There are different eligibility conditions for the various Homebuy schemes and all schemes are subject to availability and priority.
Applicants must fit into one of the following categories and must have a household income of less than £60,000 per year:
First Time Buyers who cannot otherwise afford to buy a home on the open market
Key Workers - as defined by the Government policy and includes a wide selection of categories within the following sectors i.e. health, education, police services, fire services, MOD. A full list of eligible individuals can be found on the Homebuy website.
Council and Housing Association tenants and those who are on the Local Authority housing register.
Other Priority Groups - which includes those that may be experiencing a major change in their personal circumstances such as victims of domestic violence, over crowding in an existing property due to a growing family or a forced sale e.g. due to divorce or separation.
There are several schemes available that are outlined below. More information on these schemes can be found on the Homebuy website, the Homes and Communities Agency website or by contacting Catalyst Housing Group on 0845 601 7729.
This depends on the value of the property, whether you have any capital to invest and how much rental and service charge is payable. Generally on new build schemes, single people need an income of £19,000+, couples £23,000+ and families £25,000+. These are just rough guidelines and can vary depending on property prices and your mortgage offer.
Each Homebuy scheme is different and costs will vary, however, the costs below outline the main expenses regardless of assisted home ownership :
Initial Costs: you will need to have between £3,000 and £4,000 for:
2. Long term commitments: you will need to be able to afford the following each month:
mortgage repayments
maintenance and repair costs
rent
Council Tax
water rates
service charge (if applicable)
buildings and contents insurance
all utility bills.
Your responsibility will be the same as those of any home owner. You will be responsible for repairs and maintenance and for decoration. If your property is a flat, there will be a service charge to pay for the maintenance of common parts.
Other costs you should consider are:
mortgage: the mortgage contract is between you and your mortgage provider. If you fall behind with payments let them know. If financial difficulties cannot be overcome, it is possible that you could lose your home. Many mortgage providers offer mortgage protection plans in the event of redundancy. It is worth looking into this option when taking out your mortgage.
rent and service charges: your landlord can take action under the lease if you fail to keep up with these payments. This could also mean losing your home.
If you get into difficulties please contact Housing Options for advice on 01483 743834.
You can buy up to one bedroom above what you currently require.
You must register with Catalyst Housing Group. You can do this through their website or by contacting Catalyst Housing Group on 0845 601 7729.
If you currently own your home, you must also have a 'Priority Need for Accomodation' approved by your local authority BEFORE you can be accepted onto the Homebuy register.
Once on Catalyst Housing Group's Homebuy register, you will receive a letter confirming your eligibility and outlining the level of assistance you are likely to receive.You will be kept informed of suitable schemes, properties available through re-sale and the latest Government initiatives.
As with all offers of accommodation there is no real way of knowing how long you will have to wait for a suitable property. All schemes are subject to availability and priority.
Homebuy opportunities are allocated to people registered with Catalyst Housing Group from a pool of applicants who meet the qualifying criteria.. It is therefore important for applicants who have applied to Catalyst Housing Group to update Catalyst with new income details or any changes in family circumstances.
Applicants who are already Council or housing association tenants will be prioritised for Homebuy because they will be freeing up a rented property. These applicants will be assisted ahead of others.
You should contact Catalyst Housing Group for the latest information on which schemes may be available to you, via their website or on 0845 601 7729.
As the zone agent, Catalyst Housing Group is responsible for providing affordable housing options to over 700 public sector key workers. Catalyst Housing Group will be the single point of contact for key workers in Surrey, Berkshire and Hampshire including NHS staff, Police Officers, teachers, health workers, Social Workers and some other public sector workers.
If you would like more information about Homebuy, please contact the Housing Enabling team on 01483 743836 or email: housingenabling@woking.gov.uk