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Open Market HomeBuy
Open Market HomeBuy (OMHB) is a government-backed product that aims to help certain groups of people who cannot afford to buy a home on the open market without assistance. OMHB provides access to additional money called equity loan(s), which run alongside a conventional mortgage loan.
There are two OMHB options available for applicants to choose from - Expanded Open Market HomeBuy (EOMHB), available from 2 October 2006 or Open Market HomeBuy (Government Loan Only) (OMHB (GLO)), available from 23 July 2007.
HomeBuy Agent's are required to market and publicise both options to eligible applicants, but it will be for applicants to decide, with assistance from an Independent Financial Advisor if required, which option best meets their own circumstances.
The two options are briefly described below.
Applicant and property eligibility criteria for both options are the same and are contained with the EOMHB chapter, together with the processing route and can be accessed using the link at the bottom of this page. Where any criteria or procedure is different for OMHB (GLO) this can be accessed using the alternative link below, which will provide access to the more appropriately worded sample letters and documents to be used when processing this option.
Expanded Open Market HomeBuy
Two equity loans – each worth around 12.5% of the value of the home to be purchased – provided:
- the first is provided by the same participating lender that you select to provide your conventional mortgage loan; and
- the second is provided by the Government and administered by a HomeBuy Agent – a housing association in England that has been appointed to operate the product.
Open Market HomeBuy (Government Loan Only)
One equity loan - not exceeding 17.5% of the value of the home to be purchased or £50,000 - which ever is lower.
This loan is provided by the Government and administered by a HomeBuy Agent.
To access further information click on the following links