Frequently asked questions
Can I buy with another person?
Yes, you can buy on your own or with someone else as a joint applicant. The value of the home you can afford is based on the total household income, which needs to starts from £45,000.
Can I buy any home?
No, you can only choose and reserve a new-build home from a housebuilder who is partnering with Own Homes.
Is there a maximum home value?
Yes, £600,000 is the maximum value of a home you can buy.
How long do I need rent before I can buy?
Our aim is to help you save a deposit to buy within five years. You can also buy your home sooner if you reach your deposit goal sooner.
Will I have a savings account?
Yes, part of your monthly payment is used toward your deposit. Your money is securely held in a dedicated account managed by Lloyds Bank. You can track your progress and your deposit balance at any time.
Can I top up my savings to buy sooner?
Yes, you, your friends, or family can add extra payments. This could help you reach your deposit goal sooner. Your money is held in a dedicated account managed by Lloyds Bank, and you can track your balance at any time.
Can I withdraw my savings?
No, the amount set aside towards your deposit can only be used to buy your home. It cannot be withdrawn or used for something else. When you are ready, this amount will be used to help buy your home.
I already own a home, can I still use Own Homes?
No, this scheme is for those who do not currently own a home. The home you buy must be the only property you own when you move in.
What if i change my mind after I've moved in?
You will enter into agreements with Own Homes that set out your intention to buy the home. If your circumstances change, you should contact us as soon as possible. If you decide not to buy after your application is approved and agreements are signed, you may be asked to pay a penalty fee, depending on your circumstances.
Will I need home insurance?
Yes, you must have contents insurance with accidental damage in place during the rental period. Own Homes is responsible for the building insurance until you buy the home. You may wish to seek advice about additional insurance policies you may need.
How do I know if I can get a mortgage?
Being approved for a mortage depends on your income, savings, credit history and the lender criteria at the time. We’ll support you to become mortgage-ready and save a deposit that will help you to get a 95% Loan to Value mortgage. Consider getting independent financial advice about whether this option is right for you.
Can I choose my own mortgage lender?
Absolutely. When you’re ready to buy, you choose a mortgage from your preferred provider.
What if I can no longer afford the monthly payment?
Life happens. Contact us as soon as possible, and we’ll work together to understand how we can help. You will have committed to buying the home when you sign the agreements. Not buying may result in the termination of your agreement and you paying a penalty fee, depending on your circumstances.
What monthly costs will I pay?
In addition to your monthly payments, you’ll pay utility bills (electricity, water, broadband, etc.) and local authority charges (rates or council tax), just like you would if you already owned your home. You’ll also have to pay for insurance during the tenancy period.
Is this shared ownership?
No. This is not shared ownership. With Own Homes, we buy the home, and you make monthly payments that help to build your deposit to buy. When your deposit is ready, you use it along with a mortgage to buy the home you already live in.
Is this the same as Help to Buy?
No. Help to Buy was a loan given by the government to help first-time buyers. You needed a 5% deposit upfront to buy the home, and the government took a share of the equity from your home until you repaid the loan in full. With Own Homes, you build your deposit while living in the new-build home you plan to own.
Can I have pets in my new home?
Yes, the home you rent is the one you plan to own, therefore live in it like it’s yours and treat with the care it deserves.
Can I decorate my new home?
Yes, it’s your home from day one, and you’re responsible for maintaining your home in good condition. However, you cannot make structural alterations to your home, such as adding an extension or converting a bedroom into a bathroom, without our permission, until you are the legal owner.
This sounds too good to be true, what's the catch?
With the help of Own Homes, you build your deposit while living in the home you plan to buy within five years. Part of your monthly payment goes toward your deposit, and we make sure you fully understand your commitment before you sign up.