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About New Build Homebuy & Other Shared Ownership Products

Where the property is marketed at full open market value (OMV) the purchaser decides on what share they are able to purchase following marketing by the housing association.   Let’s say you purchased 25% of the OMV, for the remaining 75% equity left you will pay a proportional rent and service charge to the housing association.  For example on a £150k house:-

  • 25% share @ £37,500 rent payable would be around £60.00pw
  • 50% share @ £75,000 rent payable would be around £40.00pw
  • 75% share @ £112,500 rent payable would be around £20.00pw

Rent is usually based on 2.75% - 3% of the unsold equity.

With Newbuild Homebuy, you have the option to purchase the property outright after 1 year.  If you choose not to, then don’t worry, you just continue to pay your 25% mortgage and 75% rent until you decide to staircase up to 100% and own your property outright. Please note that some of our other Shared Ownership products only allow you to own up to 75% of the property paying no rent on unsold equity. Please contact Firebird Homes for further information.

Benefits of owning your property through New Build Homebuy

  • Buy an initial share now and have an option to own your home outright after the first year.
  • Continue to own your initial share with no requirement to purchase further shares.
  • Why worry about finding a mortgage to buy a large home at £150K when you can purchase a 4 or 5 bed home with a 50% share for around £75,000?
  • Avoid paying stamp duty as long as the value of your home is under £175,000 (government legislation and subject to change)
  • The more shares you buy, the less rent you pay.
  • If the market rises and you decide to sell, you benefit from the open market value at that time.

How do I qualify?

Allocation of a property is subject to the following criteria: -

  • Must have local connection to area of interest
  • Priority is given to council, housing association tenants and first time buyers
  • Must have minimum household income of £25k to a maximum of £60k
  • Consideration is given to private rented tenants as long as they are first time buyers

Need to know how to buy more shares?

Need to know how to sell your shares?

How do I apply?

PDF Document

Download Application Form

Find out more