There are a number of different schemes available that could provide you with help to buy a house.
Some schemes are property-specific (linked to a particular development), whilst others allow you to buy a property on the open market.
Plumlife is the government’s local Help to Buy Agent for Greater Manchester, Lancashire and South Yorkshire, and is a one-stop shop for information and applications for affordable home ownership schemes across these areas. These include Help to Buy Equity Loan and Help to Buy Shared Ownership.
As a Help to Buy Agent, Plumlife helps eligible working people to step either on or up the property ladder, offering a range of schemes funded by the government.
Help to Buy schemes are designed to reduce the costs of home ownership by lowering the deposit required by lenders, and also keeping monthly repayments down.
Plumlife works in partnership with housing associations and most of the UK’s top house builders, to offer a superb choice of desirable new-build homes at developments which offer government-backed affordable ownership options.
You can access free, impartial financial advice through Plumlife’s regional panel of independent mortgage advisers, along with help and advice on which schemes suits you best and how to secure the most suitable mortgage product for you. For more information visit their website at Plumlife (external link) or call 0161 447 5151.
If you are struggling to afford to buy a home on the open market, then an equity loan might be worth considering.
These schemes can provide you with a 'top up' to the normal mortgage in the form of a lump sum - known as an equity loan - to enable you to reach the purchase price.
This could either be a fixed sum or a percentage of the property you are buying. For example, if a property was valued at £120,000 you could receive 25% of this sum (an equity loan of £30,000) to assist you in buying the property. You would then have to raise a mortgage of £90,000.
HomeBuy Direct is the current scheme that works in partnership with house builders.
Please visit Home Buy Direct (external link) for more information.
New Build HomeBuy (formerly called 'Shared Ownership') can help you to buy a property you couldn't ordinarily afford if you were to try and buy it outright.
This type of scheme allows you to purchase a share of a property from a social landlord, usually a housing association. The share you purchase is funded by a mortgage, which you will need to arrange with a bank or building society. The remaining share you do not own and is rented from the social landlord.
The size of the share you purchase will depend on your income and savings. Normally applicants buy a 50% share but you may purchase a smaller or larger share. In some instances you can buy as little as 25% or as much as 80%.
The larger the share you purchase, the less rent you will have to pay. Later on, if you wish and can afford to do so, you can buy a further share.
The Council works with Housing Associations to try and develop 'New Build HomeBuy' affordable housing. New schemes are advertised on our affordable housing pages and on Plumlife (external link). Housing Associations will also advertise their own schemes.
Existing schemes are often sold through estate agents in the usual way. These are properties where the existing homeowner wishes to sell their share of the home. If you are interested in existing schemes you should register with estate agents.