New build homebuy (shared ownership) properties

What is new build homebuy?

New build homebuy is a low cost home ownership scheme designed to help people who cannot afford to buy a property outright.

The scheme enables you to take your first step onto the housing ladder by buying a home in stages.

Providing you can afford to do so, (whether by using your own resources or additional borrowing) you can buy further 12.5% shares at any time in the future until you own the property outright. You will be required to pay for our legal and valuation fees when buying these additional shares.

Although each scheme will vary, you will initially buy a share you can afford, (usually between 25% and 75%) while paying a subsidised rent on the remainder which you do not own. There also may be service charges to pay.

Cross Keys Homes calculates your affordability limits for a property based on spending no more than 30% gross of your monthly income on paying the rent and mortgage. This percentage will also take into account any additional loans or childcare maintenance that you have to pay for and will be subject to a financial interview.

It is important to remember that house prices can go up or down and if you choose to buy additional shares, or sell your existing share, a new valuation of your property will need to be carried out. Your additional purchase or sale will then be based on this figure and if property values have increased, you will have to pay more for your additional share than the cost of your original purchase but you will benefit from any increase. Alternatively, if you wish to sell your share, and the value has decreased, you may have to sell at a price less than you originally paid.