Open Market HomeBuy
Open Market HomeBuy is a government-backed scheme – the aim is to help certain groups of people who cannot afford to buy a home on the open market without assistance.
The scheme provides access to additional money called an equity loan, which runs alongside a conventional mortgage loan.
Who can apply?
- Social Tenants
- Keyworkers
- First Time Buyers
Local Authority Open Market HomeBuy
A loan of around 25% of the purchase price of your new home is provided by your Local Authority and administered by us.
The following Local Authorities provide this scheme
- Stroud District Council
- Tewkesbury Borough Council
To qualify for these schemes you would need to currently live and want to purchase in the above areas. To find out whether you live in one of the above districts click here and enter your postcode. Remember to come back to this site to apply.
For this product there is no charge, interest or monthly payments to be paid by you on the equity loan provided by the HomeBuy Agent.
However, when repaying the equity loans, you will have to share any increase in the property’s value with your local authority. Under the Stroud scheme you would be required to pay back the equity loan after 10 years.
I live outside of these areas, can I apply?
No. However, you might be able to be considered for two alternative schemes:
How do I apply for Open Market HomeBuy?
You need to complete an application by clicking here.
