My Choice HomeBuy is a new product designed to help first time buyers, key workers and the newly single. It helps those who are finding it difficult to make their first purchase by way of bridging the gap and making the dream of owning your first home an affordable reality.

How it works

The My Choice HomeBuy scheme provides an equity loan of between 15% and 50% up to a maximum of £55000-00 of the cost of the property. This equity comes from funds provided by the government. You pay a fee of 1.75% per annum on this equity loan from day 1. This increases in line with the Retail Price Index + 1% each year. The amount of help you receive will depend upon the size of mortgage you can afford and the sort of home you need but could amount to as much as £55,000-00.

You can buy a further share or even own your home outright, this is known as “staircasing”. In general after you have lived in your home for 1 year you can buy an increased share or buy it outright. The price of the increased share will be based on the value of your home at the time you want to staircase – whether that is more or less than when you originally bought.

You repay you’re my Choice HomeBuy equity when you sell your home. In both situations, the amount you repay will be linked to the value of your home.

A maximum household income of up to £60,000-00 will apply.

For any further information please contact our Sales Advisors on the development of your choice.