The Government's 'HomeBuy' programme covers a range of affordable home ownership products available in England. In London HomeBuy is known as 'FIRST STEPS'.

HomeBuy products:

Shared Ownership

Tenants share ownership of their home with a housing association, paying a mortgage on the part they own plus affordable rent on the portion they don't own. In addition to the standard New Build HomeBuy product, the Agency also offers two specific versions; Home Ownership for People with Long Term Disabilities (HOLD) and Older Persons Shared Ownership (OPSO).

FirstBuy

Equity loan funding of up to 20% of the purchase price is split equally between the Homes and Communities Agency (HCA) and a housebuilder, with purchasers being required to raise funding (a mortgage plus deposit) of at least 80% of the purchase price. Visit the HCA website: Firstbuy

Equity Loans

Some providers will offer homes for sale where purchasers buy with the assistance of an equity loan, to top up what they can afford on their own. You can read more about equity loans at DirectGov: Equity loans - how it works

Rent to HomeBuy

Individuals pay reduced rent on a new build home for up to five years, to help them save for a deposit and purchase the property. More about Rent to HomeBuy with Circle

HomeBuy Direct

Purchasers buy a selected newly built property with the assistance of an equity loan. More at DirectGov: Equity loans

Social HomeBuy

Housing association and local authority tenants can buy their home on a shared ownership basis or outright, with a discount on the share being purchased. DirectGov: Social HomeBuy

NewBuy scheme

If you're having difficulty raising the deposit to buy a new-build home, you may qualify for the NewBuy scheme. It can help you get a mortgage of up to 95 per cent of the purchase price. You can find out more about NewBuy and how it works at 'DirectGov: NewBuy scheme'.

Who can apply for the HomeBuy schemes?

(See also: Shared Ownership eligibility)

HomeBuy schemes are open to households that earn less than £60,000 a year. A household is the people who are buying the home. For example, a household might be:

• you alone

• you and your partner

• you and a friend

HomeBuy schemes are open to:

• First-time buyers (you are a first-time buyer if you haven't owned a home before)

• People who rent council or housing association properties (see the Right to Buy, Right to Acquire and Social HomeBuy pages)

You can also get help through the HomeBuy schemes if you used to own a home, but can't afford to buy one now.

Right to acquire

If you currently live in a housing association home, you may be able to buy your home under the Right to Acquire scheme