My Choice Homebuy

MyChoiceHomeBuy is a government funded, low-cost-homeownership product that enables eligible applicants to choose and purchase a home of their own on the open market with the help of a flexible equity loan:

  • You are free to raise your mortgage with any high street bank or building society (we will not allow adverse credit lenders)
  • On top of your mortgage you will receive a government equity loan for up to 50% of the purchase price
  • Any savings or contribution from family/friends above £10,000 can be used to “top up” your purchase price without affecting your government equity loan.
  • There is a low monthly charge on the MyChoiceHomeBuy of 1.75% which will increase by RPI plus 1% anually. 
    You will need to repay all equity loans if you sell the property.

Note - applicants will be set individual maximum price limits based on their own financial status.

What type of home can I buy?

You are free to find a home of your own choice on the open market but you must make sure that the home is in a reasonable condition. As a general rule we ask people to avoid properties that have serious faults which will cost over £3500 to repair. If you are a key worker, you also must make sure that you choose a property that is no more than 90 minutes travelling distance from your place of work.

Why do it?

The main benefits of this scheme are as follows:

  • It allows you to move out of rented accommodation and own a home of your own
  • You do not need to have a 5% deposit like most people buying on the open market
  • In most cases, buying on the scheme is more affordable than buying a home without the scheme's help.

Am I eligible?

MyChoiceHomeBuy is for people who would not otherwise be able to buy their own home. MyChoiceHomeBuy is mainly aimed at key workers and existing public-sector tenants, or those on a council waiting list.

If you want to buy a home with help from MyChoiceHomeBuy , 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, but as a guide, we advise that you should have access to between £2000 and £4500.