HomeBuy Direct
We understand that current market conditions and the need to provide a sizeable deposit are making it difficult for many people to buy their first home. That’s why we support HomeBuy Direct, a government initiative providing an equity loan on certain new build properties in England.
The scheme is designed to make more affordable homes available to first-time buyers and to boost the housing market by encouraging more transactions.
What to do first
In order to register for the HomeBuy Direct scheme, you need to contact your regional HomeBuy Agent. They can provide you with all the information you need, including details of relevant developments in your area. In order to be eligible for the scheme, your total household income cannot exceed £60,000.
HomeBuy Direct Mortgage
We can offer eligible applicants a mortgage for up to 70% of the purchase price, subject to approval, meaning that a deposit will not be needed if the equity loan provided through the scheme is the maximum 30%.
Please note that this mortgage is currently available to educational professionals and people purchasing or remortgaging in the Dorset postcodes.
Our mortgage consultants are ready to help you through the whole process, so call us today.
Listen to our Podcast for more information about HomeBuy Direct
Before applying for a mortgage please make sure you read the relevant Key Facts Illustration. We will be happy to provide this upon request.
| Product Name |
Interest Rate |
Max % Property Value |
Arrangement Fee |
Application Fee |
|
| HomeBuy Direct 3 Year Fixed Rate |
5.79% |
70% |
£799 |
N/A |
More Details |
- Fixed at 5.79% until 15th February 2015 then changing to our standard variable rate, currently 4.99% for the rest of the mortgage term
- The overall cost for comparison is 5.4% APR
- Daily interest
- Flexible features available - please see link at the bottom of the page
- An Arrangement Fee of £799 is payable with the application
- A valuation fee is payable
- £100 contribution towards NUT subscription
- Early Repayment Charges based on 5% of the amount repaid will be applied during the fixed rate period, but you can overpay by up to 20% of the loan outstanding per calendar year without charge
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