What it is MyChoiceHomeBuy?
MyChoiceHomeBuy is a new government financed, low cost homeownership scheme that enables applicants to choose and buy a home of their own on the open market with the assistance of a flexible equity loan:
- With MyChoiceHomeBuy, You can raise your mortgage with any high street bank or building society
- In addition to your mortgage you will receive a government equity loan for up to 50% of the purchase price of the property
- savings above £10,000 can be used to “top up” your purchase price without affecting the equity loan from the government.
You will need to repay all equity loans if you sell the property.
The type of property can you purchase
You are free to choose a home of your own choice on the open market provided the property is in a reasonable condition. If you are employed as a key worker, you also must ensure sure that you choose a property that is no more than 90 minutes travelling distance from your place of work.
The benefits of getting on the property ladder
The main benefits of this scheme are as follows:
- You no longer have to rent and will own a home of your own
- You do not have a raise deposit like most people buying on the open market
MyChoiceHomeBuy is for people who would not normally be able to buy their own home on the open market. MyChoiceHomeBuy is predominantly aimed at key workers and public-sector tenants, but if you are residing or working in London and can't afford to buy a home outright, you should also apply.
If you want to purchase a property with the assistance of the MyChoiceHomeBuy scheme, you will need to meet the legal and other costs associated with buying a home. These costs will vary depending on the value of the property you want to buy; £2000 to £4000 should cover these costs.