Homestake

Homestake aims to help people on low incomes who want to own their home but cannot afford to pay the full price for a house. It mainly aims to help first-time buyers but can help others too. For example Homestake may be able to help you if you are looking for a new home after a significant change in your household circumstances or if you are disabled and own a house which doesn’t suit your needs. Housing associations will offer new Homestake properties for sale on a ‘shared equity’ basis.

An assessment is made of an applicant’s ability to contribute towards the cost of buying a house and their eligibility for the scheme. Purchasers are normally expected to buy between a 60% and 80% equity stake in the property at the outset. The purchaser will have full title to the property and be responsible for all repairs and maintenance costs, factoring charges and council tax due. No rental or interest charges are payable to the housing association on the remaining equity stake.

The shared equity owners have the opportunity to increase their equity stake after the first two years to a minimum equity stake of 80%, or can buy out the remaining equity stake to move to full ownership. The price payable for an additional equity stake is based on an independent valuation of the property at the time.

A leaflet providing further information on Homestake is available at the bottom of this page, at council offices or you can contact local housing associations directly.