South West Homes

Text Only View Site Map

Frequently Asked Questions

 

What is HomeBuy?

HomeBuy is the name given to the government-funded schemes offered by South West Homes.

Do I Qualify?

Simply click here to find out if you qualify for HomeBuy.

Who is HomeBuy for?

HomeBuy is designed to help you buy a home suitable for your household's needs, which you could not afford on the open market. Demand for some of our schemes is high and not everyone will be eligible. In some areas, if the local authority funds the scheme, the criteria may be tailored to meet the housing need in that area. For example, priority may be awarded to people with a local connection - either family or work; we ask you to list any such connections on the application form.

I am currently living in private rented accommodation. Can I be considered for HomeBuy?

Yes, HomeBuy is available to you, if you are looking to buy your first home, regardless of whether you rent privately.

I've submitted my application, when can I start looking for a property?

We'll need to consider your application form first and advise if you have been accepted onto the register. You will receive clear instructions, in writing from us telling you that you have been accepted and can start looking. With New Build HomeBuy, the organisation building the new home will advise you when & how to proceed.

I can afford the monthly costs involved in home ownership but I haven't got 2,500 pound in savings. Am I still able to apply?

Buying a home is expensive. 2,500 pound is considered the minimum you will need to cover costs such as legal fees, mortgage valuation, survey and stamp duty. Unfortunately we cannot accept your application if you do not have access to the funds you will need to cover these costs.

Can existing home owners purchase a home using HomeBuy ?

No. Click here for more guidance. 

How do I know if I'm a Key Worker?

Exactly who falls into this category may vary from place to place. We should be able to tell you whether or not you fall into this category if you either e-mail or telephone us. Otherwise your employer may be able to advise you. If you work in any of the following sectors then you will probably be considered as a key worker in the South West. NHS; Police; Education: Probation service; Prison service; Local Authority; Fire and Rescue services.  But remember most schemes allow First Time Buyers' to qualify and you don't need to be a key worker.

How do I know the amount of mortgage I will be able to afford?

Any bank, building society, or independent financial advisor (IFA), will be able to provide help with this. They will also tell you the costs that are likely to be involved. When your application has been processed we will advise you of the range of house prices we consider would be affordable for you.

What if I need help completing the application form?

You can call us on 0300 100 0021 between 9am to 5pm, Monday to Friday.

If you do not accept my application, can I appeal?

Yes. We will reconsider all applications, providing you contact us within one month of receiving your letter. This is especially the case if any of the circumstances within your application have changed.

How much will home ownership cost me?

You will need access to an amount of savings to cover the initial costs of buying a property. This amount varies but is likely to be a minimum of around 2,500 pound.  We will tell you exactly how much is required. The initial costs include the cost of the mortgage valuation or survey, solicitors' fees, and stamp duty. You may also need to cover the costs of removals, connection charges for phones, and so on. In most cases you will need additional savings to pay a deposit towards your mortgage.

Will I need a deposit to get a mortgage?

In the current economic climate, if you can fund a deposit towards your mortgage you are more likely to obtain a mortgage offer and a more attractive interest rate. You should aim for at least a 10% or a 15% deposit. The amount that this equates to is based on the value of the share you are buying, for example a 10% deposit on a 25% share of a property valued at 150,000 pound is 3,750 pound.

I am unsure whether to buy now or wait until the credit crunch is over. What should I do?

This decision is your own. It is an important decision and you should consider all the factors carefully, including your housing need. You should also obtain independent financial advice and appoint a solicitor to advise you over your purchase.

Do I have to be a key worker to be eligible?

You do not need to be a key worker to be eligible. All first time buyers  may apply, regardless of job role.

What happens in areas where there are more applications than available housing?

If you apply for a property or funding where more than one person is interested, the housing associations will assess applicants according to their own policies. In some cases, certain groups of people, eg, housing association tenants and council tenants, or key workers, may be prioritised.