What is New Build HomeBuy?
Each year Circle Anglia will develop new properties that are available to purchase through the New Build HomeBuy scheme.
If you are unable to buy a property outright on the open market, New Build HomeBuy is a scheme designed to help you buy a home in stages. Although each scheme can vary, you will initially buy a share you can afford, (usually between 25% and 50%) whilst paying a subsidised rent on the remainder that you do not own.
Providing you can afford to do so, (whether this be from your own resources or additional borrowing) you may purchase further shares at any time in the future, in order that you may own the property outright. We do build some properties however, particularly in rural locations, whereby the maximum share available will be limited.
This will ensure that these homes are always retained for affordable housing and cannot be sold outright on the open market. It is important to remember that house prices can go up or down and if you choose to purchase additional shares or sell your existing share, a new valuation of your property will need to be carried out.
Your additional purchase or sale will then be based on this figure and if property values have increased, you may pay more for your additional share than the cost of your original share. Alternatively, if you wish to sell your share, and the value has decreased, you may have to sell at a price less than you originally paid.