Home Ownership Schemes
Open Market Homebuy
Working together with Plumlife*, Salford City Council is pleased to offer the chance of low cost home ownership in Salford through the Open Market HomeBuy scheme. The scheme is a government initiative, set up to give people the opportunity to get on the property ladder.
How does it work?
Option 1
- The homebuyer takes out a mortgage with either: Halifax, Nationwide, Yorkshire Building Society or Advantage (part of Morgan Stanley)
- The homebuyer receives 12.5% equity share from their mortgage lender which is free for 5 years
- An additional 12.5% equity loan is then awarded by Plumlife, with no monthly repayments to be made by the homebuyer.
- Deposits of up to £10,000 can be taken, any larger deposit would come off the loan from Plumlife (unless mortgage is with Advantage)
Option 2
- The homebuyer can take their mortgage out with any high street bank or building society (adverse credit lenders are not accepted)
- Homebuyer receives a government equity loan equal to 17.5% of the property value or purchase price if lower
- Any savings or other contributions above £10,000 can be taken to top up your purchase price without affecting the government loan
Who is eligible?
Any Salford resident that is unable to buy a home outright is potentially eligible for the Open Market HomeBuy scheme. It is particularly suitable for people with regular incomes, who want to buy their own home but cannot afford to do so, and people who have never owned a home before and are struggling to get on the property ladder.
Open Market HomeBuy applicants can be social housing tenants, first time buyers, young professionals, key workers, or families on low incomes.
Eligibility will be assessed by Plumlife, the local ‘HomeBuy Agent’. Plumlife will assess the applicant’s financial situation to ensure that those in need of home buying assistance receive it.
Applicants can apply to purchase any property suiting their needs, for sale on the open market anywhere within the city of Salford. Price restrictions will apply and it should be noted that there are limits on the funding available and eligible areas.
How to apply...
Interested buyers should visit Plumlife's website for further information and an online application form or contact:
| Plumlife Sales |
| Southern Gate |
| 729 Princess Road |
| Manchester |
| M20 2LT |
| Tel: 0161 447 5050 (24 hour) |
| Fax: 0161 447 5001 |
* Plumlife is a non-charitable organisation providing affordable homes for sale in the North West of England, and part of the Great Places Housing Group who own and manage around 8000 affordable homes across the North West.
This page was last updated on 14 August 2008
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