'Resales' are existing properties being sold by the owner/s to people who cannot otherwise afford to purchase a property outright.

It enables eligible people to usually buy either, 25%, 50% or 75% of the property (whichever is being sold) by way of a mortgage or cash purchase and you will then simply pay a rent on the remainder.

Should your financial circumstances improve then you could purchase further shares at a later date if you wanted too, the choice is yours. This is known as 'staircasing'.
If you purchase the 100% you will be granted the freehold of the property.

Please note that in rural developments, staircasing may be restricted to a maximum of 70% or 80% ownership. If you are not sure about any restrictions that apply to the property then please ask.

Am I eligible for a resale property?

• The scheme is designed to particularly help first time buyers who are either:
  
  • existing tenants of a Local Authority or an RSL (Registered Social Landlord - Housing Association)
    
  • registered on a housing waiting list with your Local Authority or RSL
    
  • eligible to be registered on a waiting list with your Local Authority or RSL
    
• To be eligible for consideration you must not be able to afford to purchase a suitable property for your needs on the open market.
  
  
• You must have sufficient income to purchase the share being sold which will be at least at a 25% share in the property and be able to pay the rent on the remaining share which is retained by the RSL. A financial assessment will be carried out, as a general guide:
  
  • Joint income - 3 times your combined joint income
    
  • Sole income - 3.5 times sole income
    

Interested?

• Download the attached application form and return it to us at the address provided
• Or contact us and we will send out an application form within 4 working days of your request
  • Telephone 0844 892 0112
  • email your details to emhomebuy@emha.org
  • fax your details on 01530 276033
• Discuss your mortgage capacity and options with a financial adviser

Once we have received your application:

• We will carry out an initial eligibility assessment
• We will contact you if we require additional information.
• We will confirm your eligibility or not within 8 working days of receipt of your application.

If you are eligible

• We will add you to our database.
• We will nominate you to the RSL that is selling the resale property
• We will send your application form to the relevant RSL, if required
• A second and more in-depth assessment will be carried out with the respective RSL
• The RSL will then confirm eligibility or not for the particular property
• The RSL will contact you directly to discuss the matter further and arrange for you to view the property with the existing owner