Homebuy Direct Scheme

What is HomeBuy Direct?

A guide from online estate agent mousesale.

HomeBuy Direct is a Government-backed initiative designed for first time buyers and those in need of a more affordable way to buy their own new build home which lets you buy 100% of your new home for as little as 70% of the price now.

In a nutshell, this innovative scheme is aimed at making more new homes affordable to first time buyers, key workers and current households who may not otherwise be able to afford to buy a property on the open market.

If you qualify for HomeBuy Direct you can pay as little as 70% now of your new home and borrow the rest from the Government and the Developer. The outstanding amount is covered by a loan - typically no interest is payable for the first five years and low interest rates apply thereafter - for up to 25 years. The loan may act as your deposit so you don't need a large cash deposit up-front. All you need is a 70% mortgage to buy your home.

After 25 years, or when you sell or transfer your home, whichever comes first, you simply pay back the 30% of your homes’ market value at that time.

Online estate agent mousesale believes that HomeBuy Direct is a great way for you to afford your first home by overcoming the hurdles of high mortgage costs and the need for larger deposits.

If you are a genuine first time buyer, with a combined household income of under £60K and in employment, you may qualify for a combined government and participating developer loan of up to 30% of the mortgage. Priority is given to social tenants and keyworkers.

The HomeBuy Direct scheme is run by the Homes & Communities Agency on participating developments.

So, if you are struggling to climb the property ladder and think you can't afford a mortgage, this scheme may be able to help you (even if you have no deposit!).

Contact online estate agent mousesale for more details.

Terms and conditions apply. The scheme is subject to status and only available on selected developments and properties in England only.