HomeBuy details released

11th August, 2005

The government has today unveiled details of the HomeBuy scheme, which will give first-time buyers, social workers and key workers help with getting onto the property ladder.

When buying a new home, home insurance is an invaluable purchase to help protect people's new investment.

Insurance acts as a safety net if a home is damaged in accidents such as floods and fires, and will normally replace the contents in instances of burglary.

Under the new scheme, first time buyers only 75 per cent of the value of a house themselves. The remaining 25 per cent will be met by a housing provider, although the government acknowledged that this could incur a 'small annual charge'.

When the house is sold, the homeowner will receive the same percentage of the price of the sale that they originally funded.

There are three strands available under the scheme: Social HomeBuy, New Build HomeBuy and Open Market HomeBuy.

'New Build and Open Market HomeBuy will offer people choice and flexibility when accessing affordable home ownership. By helping key workers, we will underpin the pursuit of excellence in our public services,' said housing minister Baroness Andrews.

 

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