How New Build HomeBuy works

If you want to get on the property ladder and buy your own space but cannot afford the mortgage repayments, or get approval for a big enough mortgage, then New Build HomeBuy may be the answer.

Muir Group has already helped more than 200 people to buy a home of their own at an affordable rate through shared ownership schemes such as New Build HomeBuy. We are an established provider of New Build HomeBuy properties across the East, East Midlands, North, North West and North Wales.

What is New Build HomeBuy?

New Build HomeBuy, formerly known as shared ownership, lets you buy a share in a property (typically 50% but it can vary between 25% and 75%) and pay a low monthly rent/service charge on the rest.

If and when you can afford to do so, you can buy more shares in the property or even buy it outright.

Cheaper way to buy

As you are only buying a share of the property and not the total value, your monthly payments may be less than if you were to buy the property outright. But you can still enjoy all the benefits of a brand new home.

How it works

• You will normally borrow from around 25% up to 95% of the cost of your share from a building society or bank in the form of a mortgage.

• You will have to pay the full cost of buying your share including the valuation fee, legal fees, search fees and Land Registry costs. Stamp duty will need to be paid if the share of the property you are buying is worth more than £125,000.

• There will be a rent payable on the share of the property you do not own. You will also need to pay the normal costs associated with owning your own home.

• After a set period of time (which can vary from 3-24 months) you can buy further equity shares in your home. This is known as staircasing. The value of any extra share, which could be 25 per cent or 50 per cent, is determined by an open market valuation taken at the time.

• In some cases it is possible to acquire 100 per cent of the equity in your home.

• If the time comes that you decide to move, you would inform us and we would use our best endeavours to find you a buyer. If we do not succeed you can then put the property on the open market in the usual way.

• All individual schemes have varying eligibility, criteria and costings.