Resources

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.

No, you can only choose and reserve a new-build home from a housebuilder who is partnering with Own Homes. 

Yes, £600,000 is the maximum value of a home you 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.

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.

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.

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 It cannot be withdrawn or used for something else.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.

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.

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.

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.

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. 

Absolutely. When you’re ready to buy, you choose a mortgage from your preferred provider.

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. 

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.

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.

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.

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.

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.

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.

Keep in touch

If you’re a homebuyer and want to keep up to date with news from Own Homes, please give us your details:

We promise to only send relevant information and your details will not be passed on to any third-party.

Own Homes calculator

What is your gross annual household income?
£
The home you can afford:
Between
£315,000
and
£385,000
Estimated total monthly rent:
Between
£1,865
and
£2,279

Note

The figures shown are just to help give you an idea and are not a formal offer or approval.

Before we confirm your application, we’ll carry out a full credit check and income assessment to make sure our product is right for you.

Submission received

Thanks for reaching out. We've received your message and will get back to you as soon as possible.