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£400m available to help first time homebuyers

First time homebuyers struggling to get on to the property ladder could benefit from a £400m fund being made available by the Government and private developers.

The money is available through the HomeBuy Direct scheme and is designed to help 18,000 people buy a home for the first time.

The Homebuy scheme offers buyers an equity loan to cover up to 30% of the purchase price. There is no interest for the first five years. The buyer can provide the balance of the purchase price by the usual methods such as a mortgage. The equity loan can be repaid at the market value of the property when it is eventually sold.

The scheme is funded by the Government and 130 developers across the country. The equity loans are available to first time buyers with a joint household income of less than £60,000. They would enable a person to buy a £180,000 house for as little as £126,000.

It’s hoped the scheme will enable thousands of people to make that all important step of buying their first home. However, buyers should also ensure that they consult a solicitor to deal with the legal aspects of the purchase to ensure that all the necessary procedures are followed correctly.

Please contact us if you would like more advice on any aspect of buying or selling a home.

The list of sites containing homes available under the HomeBuy Direct scheme can be found at: http://www.homesandcommunities.co.uk/

If you wish to make an appointment, or ask us a question please contact us.