First-time buyers can buy a house with an equity loan

09-Apr-2009

First-time buyers are getting a helping hand from the government and house builders with HomeBuy Direct.

The government-led scheme enables prospective buyers who otherwise could not afford a mortgage to have up to a 30 per cent equity loan.

One house builder taking advantage of the scheme is Durkan Estates in Croydon.

The new housing development, which is situated on the doorstep of Croyden's cultural quarter, just off Croydon High Street, has stylish apartments, penthouses and mews houses for sale.

First-time buyers will be able to buy a property from Dunkan Estates at just 70 per cent of the asking price, without providing a deposit.

They will be able to do this if they have secured an equity loan for 30 per cent of the cost of the property.

HomeBuy Direct is available for first-time buyers, key workers (nurses or teachers), previous home owners who are struggling to buy a home, and council tenants.

The scheme is open for people who earn less than £60,000 a year.

FirstRungNow.com - how to buy a house, from finding your first flat or first house, first time buyer mortgages, shared ownership, buying with friends, gifted deposit, part buy part rent - all a first time buyer could possibly need.

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