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MyChoice Homebuy - frequently asked questions

What is MyChoice Homebuy?

MyChoice Homebuy was introduced in April 2008 and replaced the Open Market Homebuy scheme. This scheme will enable people who cannot afford to buy their own home to buy a property on the open market with the help of an equity loan.

Who can apply for this scheme?

This scheme is primarily for key workers but will be available on a more limited scale to social tenants and other priority first time buyers. Purchasers will be expected to raise finance to purchase around 75 per cent of a home on the open market.

Who will provide this loan?

Whilst you finance around 75 per cent of a home, a housing provider will provide a loan of up to £50,000 for up to 25 per cent of the balance required on your home.

When will I have to repay this loan?

The loan must be repaid when you sell your home or cease to be a key worker. The amount to be repaid will be the same percentage (eg 25%) of the value of the home.

What are the starting costs?

You will need to be able to cover the cost of the mortgage valuation or survey, legal fees, and stamp duty. You will need access to at least £4,000 savings. You will also need to cover the costs of removals, fixtures and fittings, connection charges for phones, and so on.

For more information, please contact:

Application and Enquiries team
Metropolitan Home Ownership
The Grange
Southgate
London N14 6PW

Tel 020 8920 7777

Email housingoptions@mht.co.uk