A shared equity product offering as much as 50% or as little as 15% towards the cost of buying a home of your choice on the open market.
Open Market HomeBuy Funding - July 2009 Update
The government have announced that they will not fund Open Market HomeBuy beyond 2009/ 2010, in order to concentrate funding on HomeBuy products which maintain activity in the house building sector.
As a result of high demand, with thousands of applications this year, MHO allocated all of the 2009/ 2010 funding for MyChoiceHomeBuy for London within six weeks of the funding becoming available in April 2009.
This week the Prime Minister Gordon Brown announced in his Building Britain’s Future policy, that the Homes and Communities Agency will receive an extra £1.5 billion to channel into affordable housing. This money is to be used to build an additional 20,000 new affordable homes and will not contribute to extra funding for the MyChoiceHomeBuy scheme this year. There are currently no plans for further funding in April 2010. From July 2009, new customers will not be able to apply for MyChoiceHomeBuy as an affordable option.
More housing options…
To continue your search for an affordable home, contact your local HomeBuy Agent for information on other HomeBuy products which may be available to you, these include:
New Build HomeBuy
Shared Ownership Resales
First Time Buyer’s Initiative
HomeBuy Direct
Rent to HomeBuy
Intermediate rent
Social HomeBuy
Up to You
More information on these options can be found at:
http://www.housingoptions.co.uk/ho2/ho2/facts.asp.
For more information about how the HCA will spend the £1.5 billion it has been allocated this week, please visit:
http://www.homesandcommunities.co.uk/new-money-immediate-delivery.htm
Equity Loans Team – Limited telephone service
Help us to help you..............
Please note that, from the 27th of May, 2009 and until further notice, telephone cover in our Equity Loans department will be limited. This is due to the administrative time required to progress paperwork for the high number of MyChoiceHomeBuy customers we are working with at the moment.
To help us respond to your query quickly, all Equity Loans department calls will be directed to our Applications and Enquiries department – they will be happy to help.
We apologise for any inconvenience this may cause.
Please note:
- Funds are allocated once you have received your Authority to Proceed letter
- Your file will be processed once we have received your HomeBuyers Report and Mortgage Offer
- Updates will be provided on progress of your file.
From June 1st
Please note as of 1st June 2009 the Equity Loans department will have restricted telephone coverage every Monday & Tuesday (all day) and Wednesday morning, due to the high volume of sales transactions which need to be processed. We will however, provide a service for emergency calls only on these days. Normal telephone coverage will resume from Wednesday afternoons for the rest of the week.
Please note:
- Funds are allocated once you have received your Authority to Proceed letter
- Your file will be processed once we have received your HomeBuyers Report and Mortgage Offer
- Updates will be provided on progress of your file
We apologise for any inconvenience this may cause, but this will help us avoid delays and to meet exchange and completion deadlines.
MyChoiceHomeBuy Funding Update
If you are a customer who has received authority to proceed, you can still proceed to buy your home with MyChoiceHomeBuy – please contact your HomeBuy Agent if you are in any doubt. If you are yet to receive formal authority to proceed, you will remain on our database and we will contact you should any further funding become available. This will be managed on a 1st come 1st served basis.
We regret any inconvenience this may cause and would like to remind customers, as we do through our correspondence with you, that we cannot reimburse any money spent on the costs associated with buying prior to receiving our formal authority to proceed.
If you have any questions regarding this update, please email the equity loans team at