Frequently asked questions

  • What is Deposit Builder

    • Deposit Builder is a pilot scheme for existing Home Group customers that allows them to save for a house deposit by receiving a discount on their rent. Customers on the scheme set up their own Help to Buy ISA and Home Group commits to matching the government bonus in order to help them buy their own home, or another Home Group new build property.
  • How does the Help to Buy ISA work?

  • How can I apply?

  • Can anyone apply/are there any restrictions?

    • Any Home Group customer can apply for the pilot scheme but only some properties will be available to buy due to specific legal restrictions (such as charity law and lending restrictions).
  • Is it a regulated savings scheme?

    • No. this is not a regulated savings scheme. Home Group does not hold customer money at any point in this scheme. We will advise customers where to go to get advice on finance but will not offer any ourselves.
  • How is Deposit Builder regulated?

    • Home Group’s Deposit Builder isn’t a regulated financial product. Banks and financial institutions which provide Help to Buy ISAs are usually regulated by the Financial Conduct Authority.
  • What if I start it but decide I no longer wish to buy my property? Do I get my money back?

    • Your money will not be held by Home Group. If you start the scheme but decide you no longer wish to buy your property, you will be removed from the scheme and your rent will revert back to the original amount.
  • Do I need to save for the full five years?

    • You can save for any amount of time up to five years to save the amount of money you need to save for a deposit.
  • Can I get my savings back at any time?

    • The money you save is in an ISA and can be removed at any time, but you will not be eligible for the Home Group contribution towards your deposit. For more information on Help to Buy, visit the Help to Buy website.
  • Do I have to buy the property I live in?

    • No. you can use your Deposit Builder saving towards your home if it is eligible, or any new build Home Group property.
  • I signed up/ expressed interest in Voluntary Right to Buy (vRTB)/help to buy scheme. Does this mean that I will not get any government help to buy my property if I sign up to this?

    • We are still awaiting guidance from the government on vRTB. However, we would accept customers onto the Deposit Builder who were eligible for Voluntary Right to Buy.
  • What happens to my savings if something happens to Home Group?

    • Home Group does not hold your savings at any point. To join this scheme you are required to open a Help to Buy ISA with a financial provider of your choice.

  • Can I change how much I put into it?

    • You don’t have to save money every month and the amount you save into the account every month is up to you – as long as you don’t go over £200. However, you can’t roll over your allowance. In order to qualify for the Home Group contribution and the rent discount, you must be able to prove that you have saved at least the yearly rent saving amount when we review your Help to Buy savings account with you at the end of the year.
  • Is there anything else I need to know about signing up to this scheme?

    • In order to qualify for this scheme and the rent discount, you will also sign up to a reduced maintenance programme, in preparation for owning your own home. Specifically, whilst you are on the scheme, we will not carry out any planned improvements to kitchens, bathrooms and external doors.
  • What is the deadline to sign up for Deposit Builder?

    • This is currently a limited pilot for Home Group but there is a deadline for applying for a Help to Buy ISA. This is November 2019.