Choosing your home

Once you've been accepted you will receive help and guidance in choosing a property. Where you settle will depend on a number of factors, not least the cost of property. We've produced a guide which gives you more details which can be viewed here. 

We will seek to purchase a suitable home, usually of your own choice. Houses, bungalows or flats can all be considered. Flats do need careful consideration in light of service charges and ground rents, for which RBMHO cannot accept responsibility. Newer housing estates may also have service charges to cover the cost of ground maintenance which again are the responsibility of the tenant.

The property will need to have an Energy Performance Certificate (EPC) of C, or will need to be upgraded to a C as part of the purchase budget. 

RBMHO annually sets a normal maximum purchase price. In 2023 this is £240,000. 

If you want to and are able to, you can raise the normal maximum purchase price up to £360,000 in 2023. This can be done through the Equity Share Scheme (ES) or the Interest Free Loan Scheme (IFL) if you have capital to invest. Alternatively you could consider our Rent Premium Scheme if your willing to pay a higher rent..

Applicants who have significant capital are required to contribute between 20% and 49% of the purchase price. This can be either as an Equity Share or an Interest Free Loan.

Where equity is shared, the landlord's maintenance costs are shared proportionately between the tenant and RBMHO.

If a tenant makes an Interest Free Loan, RBMHO will cover all the landlord's maintenance costs.

Our Rent Premium Scheme increases the purchase price by a maximum of 50% to £360,000. A higher level of rent is charged to cover the cost asociated with the additional capital required. The Rent Premium Scheme can be combined with an IFL or ES. 

For further information on these schemes please contact Andy Hughes