HomeBuy Direct Scheme
HomeBuy Direct Scheme
HomeBuy Direct Scheme - About Equity Loans
HomeBuy direct is basically an Equity Loan scheme that provides equity loans for the purchase of certain newly built houses on specific housing developments all across England. The person responsible for assessing your eligibility for a loan is usually referred to as a HomeBuy Agent. HomeBuy agents possess the authority to run schemes for people who wish to buy/rent property but are having financial difficulties.
One major condition that one has to fulfil if one wishes to buy a home through an equity loan scheme is that one’s household income must not exceed £60,000 per annum (single or joint). You past financial record should serve as a proof of the fact that you cannot otherwise afford to buy a house in your area independently.
Note that in case of Equity Loan, you can afford to buy your own house with a minimum of 70% of the total cost (paid in form of savings & mortgage). The remaining cost of the property will be covered by the government and the house builder via Equity Loan. Also the amount that you are liable to payback will vary depending on the value of your property, that’s one reason why this type of loan is known as “equity loan”.
Benefits:
HomeBuy Direct Equity Loan Scheme can work wonders for you if you are:
- A first-time buyer
- An experienced buyer but currently not in a position to buy property independently (due to financial constraints)
- Someone who wishes to set-up a property business of their own
- Someone who wishes to switch from rented accommodation to own-house accommodation
- Someone whose annual household income does not exceed £60,000 (single or joint earnings)
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