Home Buy Direct Scheme

The new Home Buy Direct Scheme, currently offered by the government in conjunction with certain property developers, is a new and innovative concept. It allows first time buyers, with a household income of under sixty thousand pounds per year, to borrow thirty percent of the equity needed in order to purchase a new-build house.
Interested first time buyers can approach one of fifteen Home Buy Direct Scheme agencies and, if eligible, will be offered a variety of brand-new houses to choose from. The program charges no fee for the first five years, and should the purchaser wish to move from the property, it can simply be offered on the open housing market with repayment of the thirty per cent equity coming from sale proceeds.
With three thousand properties available through the Home Buy Direct Scheme now, and with many more planned for the future, this could well be the way forward for first time buyers, struggling to find their way onto the property ladder.