Open Market HomeBuy

Open Market HomeBuy is popular program as it offers qualifying applicants (usually Key Workers or existing Local Authority Tenants) an equity loan to assist the purchase of a property on the open market through an Estate Agent in the usual way.

Successful applicants have to fund at least 50% of the purchase themselves by raising a mortgage. Savings also need to factored into the assessment. The equity loan is funded up to 50% of the value of the property and is repayable to the Housing Association as that same percentage of the properties value or eventual sale price. The equity loan would attract a rate of up to 1.5% per annum paid monthly by the purchaser

All applicants have to know their financial boundaries and of course, obtain a mortgage from a lender who is supportive of the program offering market leading rates and terms.

Fixed, Discounted and Tracker rate mortgages for the whole of your share are available at market leading rates.

Our normal fee of £299 is waived in connection with housing association house purchases.

Imperial Independent Mortgage Services Ltd is an Appointed Representative of Personal Touch Financial Services Limited which is Authorised and Regulated by the Financial Services Authority.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.