HomeBuy Direct
What is HomeBuy Direct?
This option offers equity loans towards the purchase of a new build home on selected developments.
How does it work?
You buy a minimum of 70% of the market value of a property. An equity loan of up to 30% is provided to assist your purchase. There are no payments on the loan for the first five years. After five years there is a fee of 1.75%, which increases annually in line with inflation. You will need to raise a mortgage to purchase through this scheme. You can also use any savings you may have to contribute as a deposit towards your share.
What are my options after buying through HomeBuy Direct?
You can buy additional shares at a later date until you own 100%. This is calculated on the current market value at the time that you purchase the additional shares.
If you wish to sell your property, the equity loan is repaid as a percentage of the market value at the time of sale.