Black Country Housing Group

A more affordable first step...

Black Country Housing Group’s Shared Ownership scheme, New Build HomeBuy, is a simple way to get onto the property ladder.

Shared Ownership is a scheme has been specifically designed to help those who are unable to afford the cost of buying a property outright on the open market.

It works by enabling you to purchase a share in your new home, and pay a subsidised rent on the part you don't own to Black Country Housing Group. You will buy your home on a lease which will normally be 125 years for new homes. If you are buying a second hand property, the length of lease will be based on the number of years remaining since the original lease was first issued.

You buy a share of the property, usually 50%, with a mortgage, which you must obtain. Rent is paid to Black Country Housing Group for the remaining share.

For example:

A 50% share of a property worth £100,000 would be £50,000. You would be responsible for the mortgage repayments for the 50% that you buy and you would pay rent on the remaining 50% share e.g. £125.00 per month.

Why buy through the Shared Ownership scheme?

• If you buy through Shared Ownership you will own part of your home, rather than paying rent with no return.
• Your monthly mortgage and rent can work out much cheaper than buying outright, and sometimes not much more than renting.
• You can buy more shares through a process known as staircasing or move if you want to.
• You only buy what you can afford so you don't overstretch yourself financially. This will be calculated for you at a financial interview.

For more information please contact us on 0121 561 1969 and ask to speak to someone about our shared ownership scheme, you can also email sales@bcha.co.uk, or download the New Build HomeBuy leaflet for further information.

HomeBuy agents

You will need to register with your local HomeBuy agent. Click here for details of your local HomeBuy agent.

 

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