Frequently Asked Questions
How do I buy a home?
See the Buyers Guide in this section.
Am I eligible to buy a home from my4walls?
If these guidelines apply to you then you could buy a home with my4walls:
- you have at least £2,500 to cover the costs of buying a home
- you have a deposit
- you have permanent employment
- you qualify for a mortgage
- you have proof that you cannot afford to purchase a property without financial help
- you are a housing association or council tenant
- you are a key worker in your local area
- you are a first time buyer
- you are a current home owner looking for a new home because a relationship has ended or because of a house clearance project or displacement
- you can show that you are not in mortgage or rent arrears or in breach of your current tenancy agreement
- you are a British national citizen or have permanent leave to remain in the UK (people from member states of the EU/European Economic Area may also apply if they are currently living and working in the UK but a work permit is not proof)
- you are aged 18 or over and have a bank, Post Office or building society account.
How much will buying a home cost?
Your earnings and any savings you have will dictate the size of mortgage you can apply for. The bigger the mortgage, the higher your monthly repayments. But the bigger deposit you can pay, the less your mortgage could be. (Mortgage rates can vary and the cost of your repayments could go up or down.) You will also have to pay for a survey on the property, or a mortgage valuation and there will be legal fees and stamp duty to pay (if the cost of the property exceeds £125,000. If you are a first time buyer then the threshold for stamp duty is £250,000.)
Remember that your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
What are the monthly costs if I buy a home?
Every month you will need to pay:
- mortgage repayment to your mortgage lender
- rent to the housing association (only if you have bought through New Build HomeBuy)
- any service charge or management fee for services to communal areas (such as in flats/apartments)
- bills such as water rates, gas, electricity fees and council tax
- buildings insurance.
Remember that your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
I am not a UK National. Am I eligible to apply?
You will be eligible for HomeBuy if you have the right to reside permanently in the UK. If you are not a British citizen this means you should have “indefinite leave to remain” stamped inside your passport. People from member states of the EU/European Economic Area may also apply if they are currently living and working in the UK.
How do I know if I am a key worker?/What is a key worker?
Key workers are:
- Clinical NHS staff (with the exception of doctors and dentists)
- Teachers and nursery nurses in schools and further education/sixth form colleges
- Police Officers, Community Support Officers and some civilian staff in the police force
- Prison Service staff in certain prisons
- Firefighters and other uniformed staff below principal level in Fire and Rescue Services
- Regular armed service personnel (including Military Provost Guard Service, in the Navy, Army and Air Force);MoD Police Officers
- Defence Fire Service (uniformed staff only)
- Probation Service staff
- Social workers, nursery nurses, educational psychologists and therapists employed by local authorities, CAFCASS or the NHS
- Local Authority Planners
- Connexions Personal Advisors employed by a local authority or a Connexions Partnership
- Qualified Environmental Health Officers/Practitioners who work in a local authority, government agency, NHS or other public sector agencies
- Highways Agency Traffic Officer staff in safety critical roles within the Traffic Officer Service.
What is a HomeBuy Agent?
We are registered social landlords appointed by the Government’s Homes and Communities Agency as a one-stop shop and point of contact for people looking for an affordable home to buy or rent in their area.
What properties are available?
If you know of a scheme or development that you are interested in, let my4walls know. We can share your application details with other housing providers who may also send you property information. Otherwise you can browse what’s available on our property search.
Do I have to pay rent on the property I bought at discounted sale?
No, there is no rent to pay as you own the property 100%. With discounted sale, the property can only ever be sold at the set % of the open market value, which means that the property will always be an affordable home.
Can I buy additional shares in my home?
If you buy a Shared Ownership property you can increase your ownership at a later stage and own the property outright if you wish to. This is called staircasing and many people who buy affordable homes staircase to become full owners.
What happens if I want to sell my HomeBuy home?
You can get advice about selling and re-purchasing a property from the housing association that dealt with the original purchase or by contacting my4walls.
If you bought your home through an equity loan such as HomeBuy Direct please go to www.myfirsthome.org.uk if you wish to sell your home or pay off the equity loan.
I bought my property at discounted sale, or under the section 106 agreement, what happens when I want to sell the property?
The original discount is passed onto the next person, so if you bought the property with a 25% discount you can only sell the property at 75% of the open market value. The Housing Association who sold you the property have 12 weeks to find a buyer before you can market the property with an Estate Agent, so you need to tell the Housing Association that you wish to sell first.
If we haven’t answered your questions, email them to enquiries@my4walls.co.uk