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New Build HomeBuy
This is your chance to buy a share in a brand new or refurbished home from MHO. You pay a mortgage on the part you own and a subsidised rent on the part you don’t own. You can buy more shares until you own your home outright or you can choose to stay as you are.
New Build HomeBuy works by us making homes available to buy on a part buy, part rent basis, this means:
* You buy between 25% and 75% of the total value of a newly built MHO property (depending on what you can afford) and pay MHO a discounted rent on the remainder
* You buy what you can afford now with the option of buying additional shares in your home. You can staircase up to 100% where you will own your home outright and be rent-free, or you can remain as you are.
Ownership costs
Your mortgage repayment to the lender
Your rent, which you pay to us (for the part of the property you are not buying)
A management charge
- Building Insurance
- If you buy a flat, you will also pay a service charge for the maintenance and upkeep of the communal parts.
Are you eligible?
Priority to buy New Build HomeBuy properties is normally given to:
- Local council residents
- Housing association resident
- Local housing waiting list applicants.
However, this option can be open to anyone who can demonstrate a housing need, such as those:
- Sharing a home with parents or other relatives
- Renting privately, and unable to buy their own home
- On a low or moderate income and not able to buy their own home outright on the open market
- Leaving a matrimonial home through divorce and not able to afford to buy another home
- Unable to afford their own home within a reasonable travelling distance from their place of work
- People that are homeless or living in temporary accommodation.