MyChoice HomeBuy – assisting first-time buyers with an equity loan to ‘top up’ the purchase price

MyChoice HomeBuy is a government financed homeownership scheme that enables buyers to get their foot on the housing ladder by choosing and buying a home of their own on the open market with the assistance of a flexible equity loan.

So what do you do? You raise your mortgage with any high street bank or building society through an independent legal adviser who is familiar with the scheme in your area (a list of appropriate advisers can be provided to you by your local MyChoice HomeBuy agent). Then, in addition to your mortgage, you will receive a government equity loan for up to 50% of the purchase price of the property. The scheme confirms that savings above £10,000 can be used to ‘top up’ your purchase price without affecting the equity loan provided by the government.

You are free to choose a home of your own choice on the open market provided the property you have selected is in a reasonable condition (you will need to instruct a homebuyer’s survey to ensure this is the case). If you are employed as a key worker, you must also ensure sure that you choose a property that is no more than 90 minutes travelling distance from your place of work.

MyChoice HomeBuy is for people who would not normally be able to buy their own home on the open market and is predominantly aimed at key workers and public-sector tenants. If you want to purchase a property with the assistance of the MyChoice HomeBuy scheme, you will need to meet the legal and other costs associated with buying a home. Your MyChoice HomeBuy agent will provide you with a list of recommended solicitors who are familiar with the scheme and the paperwork involved so you can be rest assured the transaction will progress smoothly.

Funding from the government for the scheme is usually available from April and is in huge demand, with many MyChoice HomeBuy agents accepting applications from January. So get the ball rolling and contact your local MyChoiceHomeBuy agent to see if you are eligible for the scheme.