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Teignbridge Open Market HomeBuy This scheme is for those who want to buy a home and have a connection to the Teignbridge district area. How does it work? You simply use a mortgage and deposit to fund 75% of the purchase price for a home on the open market. Sovereign Living and Teignbridge District Council will provide you with a loan on the remaining cost, up to a maximum value of 25% or £40,000 depending on your financial circumstances. No interest will be charged for the first three years of your loan and you need only pay back the loan itself when you sell the property, pay your final mortgage instalment or at the end of 10 years.

Who is eligible to apply? You can be considered for this scheme if you are: •

in housing need AND have a local connection with Teignbridge

of a household earning less than £60,000

unable to buy a suitable home in Teignbridge district without the

assistance of the equity loan. You will be considered a priority applicant if you are a: •

first time buyer

key worker

council or housing association resident

What can I buy? You may buy a home currently for sale on the open market, which

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