FAQs - Frequently Asked Questions
Who are Housing Options Plus? (HOP)
Housing Options Plus is the national HomeBuy Agent for FTBI and is a partnership between Metropolitan Home Ownership (MHO) and Tower Homes, two large London-based housing associations who specialise in affordable home ownership.
What does Housing Options Plus do?
We provide after-sales services for FTBI homebuyers nationally, including collecting fees, staircasing, clawback and redemption services (for when you either sell up, leave your qualifying key-worker profession or decide to staircase to 100%).
How do I contact Housing Options Plus
The easiest way to contact us is through our website, www.myftbihome.co.uk although you can also contact us by phone on 0845 470 0121.
The welcome letter you receive when you move in will tell you exactly who we are, what your responsibilities are and what services we provide.
I understand that I have to pay a fee after three years of owning my home, what is this and how do I pay?
After three years of owning your home, at the start of year four, you will have to start paying a fee on the financial help you received to buy your home. We will work out this fee and collect it by monthly direct debit or standing order. We will contact you beforehand to help you set up the direct-debit arrangement. We will also give you a statement each year.
What happens if I don’t pay my fee?
If you find yourself in financial difficulties and are not able to make a payment you may fall behind with your repayments this will put your account into arrears. We will try to offer you a range of options including debt counselling, access to independent financial advice and repayment plans so you can pay off what you owe.
If we make an agreement for you to repay any missed payments, it is entirely our decision. If we do agree a repayment plan, we will confirm this in writing and give you specific dates and acceptable ways to pay.
How is the fee calculated?
The fee gradually increases so you pay nothing in years one to three. From the start of year four you then pay 1% on the amount of financial help you originally received, 2% from year five and 3% from year six onwards. This amount is based on the amount of financial help originally provided which we then increase by 2.4% each year to account for the long-term rate of house price inflation. We then use the figure to work out your fees.
For more information please see the Fees Table which is located on the Fees Page.
After buying an FTBI home, can I increase my mortgage or take out another loan?
You cannot increase your mortgage or take out another loan without our permission. We must approve any increases to your mortgage (further advance). We will usually allow advances or new loans for staircasing or repaying English Partnerships percentage contribution. We will consider advances for other purposes on a case-by-case basis. We can refuse permission for further advances if we think you may be putting yourself in a difficult financial position.
Can I extend or alter the property?
You cannot extend or alter your property without our permission. Because FTBI is designed to help new buyers get their first homes, you should consider repaying part or all of the English Partnerships contribution before making plans for improvements or alterations. However, we will review cases of hardship if, for example, you need to alter the property because of a disability.
Can I sublet my FTBI home?
No – FTBI is designed to help you to get on the housing ladder. If you want to sublet, you will first have to immediately repay the share of the money from selling the property that English Partnerships would be entitled to if the property was sold at that time.
Can I own an FTBI home and buy a second home?
No – FTBI is designed to help you to get on the housing ladder. If you want to buy another home, your English Partnerships buyers’ charging document and mortgage deed prevents you from doing this. Instead you will have to immediately repay the share of the money from selling the property that English Partnerships would be entitled to if the property was sold at that time.
What if I die after buying an FTBI home?
If you die, your home will be passed on in the normal way under the terms of your will. Your estate will then pay the monthly fee. If you have not made a will, your home will pass on under the laws of intestacy.
I originally bought my property with a 50% mortgage, how do I reduce what I owe to English Partnerships?
This is called staircasing. You can staircase, and decrease English Partnerships entitlement to a share of the future sale proceeds by repaying some of the financial help made as a contribution to allow you to buy your home. You must pay at least 10% up to four times. However, on the fourth time you must have reached 100%. The process will involve getting an independent valuation of your property to see what its current market value is. The cost of your part repayment will be based on this. If you are interested in making a part repayment, we will give you full details if you ask.
How can I stop English Partnerships taking their share when I come to sell?
You can stop English Partnerships taking its share only by paying off all the financial help you received to originally buy the home. This is called making repayments. You can do this at any time three months after buying the property. When you repay the full amount you will not have to pay any further fee payments and will be entitled to 100% of the money from selling your home in the future. We will give you details of this process if you ask.
Who pays for repairs and ongoing maintenance for my FTBI home?
Under the terms of English Partnerships mortgage deed and buyers’ charging document that you signed when you bought your property, you are fully responsible for all repairs and maintenance to your home. New homes often come with a guarantee that will cover certain faults for up to 10 years after it was built. This guarantee usually only covers faults in the builders’ workmanship.
Your home may be repossessed if you do not keep up payments on a mortgage or any other debt secured on it.
Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.