Home Buy Direct Scheme

In the unstable financial climate of today, saving money towards a house can seem like an insurmountable task. However thanks to the Homebuy Direct Scheme, first time buyers can be given a helping hand. Aimed at those who are currently priced out of the market, this new program looks to revitalise the housing development industry whilst ensuring that the nation’s housing needs are met. 3MortgageBrokers.co.uk are waiting to help you find the mortgage you need to take advantage of this innovative scheme.

The Homebuy Direct Scheme is designed to assist eighteen thousand first-time buyers in getting onto the property ladder by offering them an equity loan of up to thirty per cent of the purchase price for a new-build house. The project will be partially funded by the government and by a number of contributing property developers.

Any first time buyers who are interested in the Homebuy Direct Scheme should contact one of fifteen local Homebuy agents. Households with an annual income of less than sixty thousand pounds a year, or those who can not afford a suitable property on the open market, could be eligible as part of this program. If the specified criteria are met, buyers will be offered a choice of the properties that have been brought forward by various approved developers.

A loan of up to thirty per cent of the purchase price will be granted without a fee for the first five years. Purchasers can then go on to repay the Homebuy Direct Scheme in installments, leaving them with one hundred per cent equity after their initial purchase. If the buyer then decides to move, they can sell their house on the open market, and repay whatever is outstanding on the thirty per cent by means of the sale proceeds.

The buyer would need to find the additional seventy percent through a mortgage product – 3MortgageBrokers.co.uk can help you find the mortgage to suit your needs if you qualify for the Homebuy Direct Scheme.

The Homebuy Direct Scheme is all ready up and running with three thousand houses available to choose from and more properties planned for the near future. Why not find out more by contacting 3MortgageBrokers.co.uk now?