MyChoiceHomeBuy

What is MyChoiceHomeBuy?

MyChoiceHomeBuy is a government funded low cost home ownership programme. Its aim is to help first time buyers who cannot afford to buy a suitable home in the area where they live or work.  MyChoiceHomeBuy is a flexible equity loan scheme designed to help households earning between £20-60,000 p.a. to buy their own home on the open market. You will own the home and our loan will be secured by a second charge against the property.

Who can apply?

Eligibility for MyChoiceHomeBuy is targeted at first time buyers who cannot afford to purchase without assistance. The government has prioritised the following groups for assistance under MyChoiceHomeBuy:

• First time buyers who cannot afford to purchase without assistance
• Social rented tenants and housing association tenants
• Public sector key workers

How do I apply?

You will need to fill out an application form which you can do at Aldwyck (Lea Valley Housing), which will prompt you to register your details and will then allow you to compare an application form. If you prefer you can phone Aldwyck (Lea Valley Housing) on 01582 869440 and we will send you an information pack.

Why rent when you can buy?

For example £895* per month to rent versus £665* per month to buy.

*With MyChoiceHomeBuy receive a loan for up to 50% of a two bedroom apartment (price of £169,950) and pay £541.28 per calendar month (based on a sample mortgage at 5.88% for 25 years). The remaining 50% is currently payable at 1.75% per annum, giving a payment of £123.92 per calendar month. Total cost per calendar month is therefore £665.20. Separate arrangement and survey fees apply. Average monthly rental of a two bedroom apartment at ICE is £895.00, based on current rental figures.

Further Information

For further details on available properties at ICE please contact the Sales & Marketing Suite on 01438 362712 or email ice@higginshomes.co.uk.

* Subject to terms and conditions. MyChoiceHomeBuy cannot be taken in conjunction with any other incentive. Subject to using Higgins Homes’ nominated financial advisor.