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New equity loan to help first time buyers
The government announced last week the launch of a new scheme to
help first time buyers, FirstBuy HomeBuy.
The scheme is designed to help those struggling to buy a home,
and works in a similar way to HomeBuy Direct. If you qualify for
help, you could receive a equity loan of up to 20% of the property
value, with nothing to pay for the first 5 years. This will be
available on new build properties only.
In year six, a fee is collected of 1.75% of the market value of
the property at the time the loan is entered into, multiplied by
the outstanding percentage under the equity loan, rising after year
6 at RPI + 1% p.a.
The equity loan is part funded by the government, and part
funded by the developer.
We are now awaiting details of where this new scheme will be
offered throughout Merseyside and Cheshire. In the meantime, we
urge anyone who is interested to consider the HomeBuy Direct properties, details
of which are currently available through our property search.
HomeBuy Direct works in exactly the same way, but you could receive
up to 30% equity loan through the scheme. See our helpful
links section for a brochure.
If you have any more questions on this, please contact us
It's easy to do, and you can return to your application any
time. Click Here to
Highgrove, Shawclough Road, Rochdale
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