If you are desperate to step onto the property ladder but struggling to raise a deposit, help is at hand with the fantastic HomeBuy Direct scheme. But the scheme ends in March 2010 – so now is your last chance to take advantage of it.
HomeBuy Direct is the government-backed equity loan scheme which helps first-time buyers purchase a new home by funding an equity loan of up to 30% of the purchase price.
Who is it for?
• Are you ready to take the step towards home ownership but have little or no deposit?
• Do you earn from £30K (either on your own or jointly with a partner or friend) up to £60K per annum?
• Want to take advantage of a government-backed way of buying your first property?
• Frustrated about paying rent which goes down the drain?
• Want to own a home whilst paying lower mortgage payments than rent?
How does it work?
• You buy a minimum of 70% of the market value of the property.
• An equity loan of up to 30% is provided by ISIS and the Homes and Communities Agency to assist your purchase.
• There are no payments on the loan for the first five years.
• After five years you pay interest on the loan.
• Option to begin paying off the loan after one year.
So why rent when you can buy?
The HomeBuy Direct scheme has been helping numerous first-time buyers step onto the property ladder at Islington Wharf. But don’t just take our word for it.
Paul Brooks, 24, has been able to buy his dream home at Islington Wharf thanks to the scheme.
He said: “I had looked at various apartments and knew I wanted to live in Manchester but couldn’t afford to move over. The only available option was renting and I really wanted to make an investment. Then I found out about the HomeBuy Direct scheme.
“For five years I pay almost nothing at all, no rent, a small amount of interest and I can slowly work my way up on a number of stepping stones to owning 100% of the property. I would recommend the scheme 110%.”