What is HomeBuy Direct?
This is your opportunity to buy a brand new home. All you need is a 70% mortgage.
HomeBuy Direct is a government backed shared equity scheme designed to help up to 10,000 first time buyers into affordable home ownership. The scheme also helps participating housebuilders by enabling more first time buyers to purchase their newly built properties.
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Buyers will be offered an equity loan of up to 30 per cent of the purchase price, co-funded by the government and the developer. You pay NO INTEREST on your 30% equity loan - for 5 years. All you need is a 70% mortgage to buy your new home.
In most cases you'll still need some money to cover the costs of buying a house, like Stamp Duty, legal fees and any deposit. You will need to repay the equity loan when you sell the property and you can choose to repay some or the entire loan sooner by purchasing additional equity shares in your new home.
You could be eligible if you are looking to buy a new home in England and:
- you are a first time buyer
- you want to move from social rented accommodation and buy your own home
- you are a key worker, eg working for the NHS
- you are in private rented accommodation
- you are running out of room at home, eg need more bedrooms for your expanding family
- you have a household income of up to £60,000 per annum.
Click here to see where this scheme is available.