Homebuy / Shared Ownership Schemes
What is New Build HomeBuy and How Does It Work?
Homes are sold as leasehold properties on shared ownership terms – they can be apartments, houses or bungalows. The minimum share you can purchase in the Erimus scheme will be 50% and you will need equity in your existing property, savings or be able to raise a mortgage for the share you want to purchase. You will also pay rent on the share you don’t buy although rents are calculated to be affordable.
As you become able to afford it, you can buy additional shares until own 100%. This is known as ‘staircasing’. When you want to sell the property you can sell the share you own to another household nominated by Erimus or you can staircase until you own 100% and sell it in the normal fashion.
However, Erimus may want to buy the property back from you to offer to other households who want to enjoy low-cost home ownership. We will tell you if they want to do this when you tell us that you want to sell.
The property is sold at market value and you will benefit from any increase in value that has built up on the share that you own.
Who is eligible and what are the regional zone agent selection criteria?
- Households who live in an area proposed for demolition
- People who are high priority on a Council or housing asociation waiting list
- Existing Council or housing association tenants living in areas of high demand.
- People who need to live in remote rural areas for work or to support family members
- New graduates for the region's universities and colleges
- Families experiencing housing difficulty due to separation or divorce
View Housing Corporation HomeBuy information*
If you would like further information about New Build Homebuy properties, please contact the Regeneration Team on 01642 773621
