How much you can save 

You will usually pay about 30% less each month if you buy a home under the New Build HomeBuy scheme than you would if you were buying a similar property on the open market.

This is because you are only buying a share in the property and not the total value, so your monthly payments will be less than if you were to buy the property outright.

The example below of the monthly savings of New Build HomeBuy in comparison to outright purchase is based on a home valued at £105,000:

Outright Purchase

Mortgage (100% repayment @ 5.75% over 25 years): £624.64

The actual rate available is dependant on your circumstances

Total Monthly Costs:

£624.64

New Build HomeBuy (50%)

Mortgage (50% repayment @ 5.75% over 25 years) £312.32

Rent: £131.25

Total Monthly Costs:

£443.57

Monthly Saving on New Build Homebuy:

£181.07

See Paying for a home under shared ownership for more detailed information about all the costs you will need to budget for, and about the different types of mortgage available.