Catalyst was a key member of the CHASE consortium, formed in 2007. This was an alliance of not-for-profit housing providers who came together to design a new housing finance product aimed at first-time buyers.
The result was MyChoice HomeBuy. Rolled out nationwide, this hugely successful and profitable product helped thousands of people get onto the property ladder.
The shared equity taskforce set out the government’s intention to launch a competitive tender to widen the availability of shared equity products and stimulate the market. Housing providers were asked to come forward with innovative products that allowed government funds to reach a larger number of aspiring homeowners.
Out of over 20 tenders, Catalyst and its consortium partners won the contract to provide MyChoice HomeBuy.
The MyChoice HomeBuy service included:
- raising awareness of the scheme to stakeholders – mortgage lenders, local authorities, public and private employers and independent financial advisers
- checking applicants’ financial circumstances to ensure they could afford homeownership in the longer term
- assessing properties to check suitability
- managing the conveyancing process – including liaising with solicitors and independent financial advisers
- guaranteeing provision of funds to match and supplement the Homes and Communities Agency grant
In 2009 government priorities to support the new-build sector resulted in the suspension of MyChoice HomeBuy in favour of HomeBuy Direct and then FirstBuy.
We can develop financial products, homeownership schemes and housing support services that offer practical solutions to local affordable housing needs. Please contact us to discuss how we can help you. Email Clive Gorton, our agency contracts manager firstname.lastname@example.org.