Buying Just Gets Easier ; the Latest Help for First-Time Buyers Means That You Have to Save Less Money for a Deposit and Need a Smaller Mortgage. It's All Good News, Says Jane Barry

Evening Standard - London › February 18, 2009

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Summary

HOMEBUY Direct is a new equity loan scheme to help struggling first-time buyers, backed by Pounds 400 million of Government money. of course, equity loans are no longer a novel concept. But what is new about this scheme is that it is funded jointly by the Government and developers.

If you buy a new-build HomeBuy Direct home, you buy it from the developer, not through a housing association. And the developer puts up half the 30 per cent equity loan.

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Extract

Buying Just Gets Easier ; the Latest Help for First-Time Buyers Means That You Have to Save Less Money for a Deposit and Need a Smaller Mortgage. It's All Good News, Says Jane Barry

Although equity loan schemes are not for buyers on low incomes, they offer advantages over shared-ownership. Instead of owning part of the property on a lease from a housing association, you own full title to your home from the sta...

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