Time is running out for first time buyers
10 June 2010
People wanting to move into their own home must act quickly if they wish to be considered for the HomeBuy Direct scheme.
HomeBuy Direct, initiated by the previous government, is a product from the Homes and Communities Agency (HCA) that aims to make more new affordable homes available to eligible buyers priced out of the housing market.
The HCA is working in partnership with local housebuilder Larkfleet Homes to deliver high quality homes with excellent energy efficiency which will save buyers on average £600 per year compared with a second hand home.
Buyers can purchase a minimum of 70 per cent of the market value of a property. An equity loan of up to 30 per cent is then provided by Larkfleet and the HCA to assist the purchase. From legal completion buyers own 100 per cent of their new home.
As Homebuy Direct funding on many housing sites is finishing, this opportunity for first time buyers to get a foot on the housing ladder is coming to an end.
Applications for the Homebuy Direct scheme on existing sites need to be submitted by the end of July in order to ensure they are completed by September this year. Larkfleet Homes can provide independent financial advice that also offers a complete service to manage the application.
The absence of a deposit may be no problem as Larkfleet has linked up with a local building society to support this excellent scheme by providing a 100 per cent mortgage - subject to terms and conditions.
Potential householders therefore must apply soon in order to ensure they qualify for the scheme.
Larkfleet Homes currently has three developments that offer homes under Homebuy Direct although all require September completions.
The company's development at Parsons Prospect on Thorney Road in Eye near Peterborough currently has both two and three bedroom homes available, starting from £147,995, Under the scheme the mortgage could be as low as £103,596.
In Bourne, Larkfleet Homes has a development on the Old Laundry site at Manning Road where two bedroom apartments, two bed coach houses and three bedroom homes are available from £124,995.
Also in Bourne, on Willoughby Walk, Larkfleet Homes is offering two bedroom coach houses and three bedroom houses currently at prices starting from £135,995.
Managing director Karl Hick commented: "Properties that are available though HomeBuy Direct provide a great opportunity for those priced out of the housing market to be able to buy their own home. There is not much time left for prospective house buyers to take advantage of this scheme and therefore Larkfleet Homes is encouraging first time buyers to apply for Homebuy Direct before the end of July."