HomeBuy Direct
What is HomeBuy Direct?
HomeBuy Direct is a government scheme that reduces the mortgage amount you need to buy a new home. Depending on your individual circumstances, the government and builder will cover up to 30 per cent (15% each) of the price of your property at Park Central with an 'equity loan'. This then leaves you to get a mortgage for the remaining 70 per cent.
During the first five years of your ownership of the property, the equity loan will be payment free. During year six, there will be a monthly repayment of 1.75% per cent of the loan. After year six, this monthly payment will rise (or fall) in line with the Bank of England base rate, increasing by the RPI plus 1% per cent each year, payable to the National Homebuy Agent.
You have the freedom to buy back the equity share by loan repayments to own 100 per cent of your Park Central home. You can also sell your HomeBuy Direct property on the open market and at this time, the remaining equity will be paid back from the sale proceeds.
Do I need a Deposit?
No – and this is a major benefit of HomeBuy Direct as you don't have to spend years saving thousands of pounds. You can move now!
Am I eligible?
HomeBuy Direct is open to households earning less than £60,000 a year who would otherwise be unable to buy a home. You may be eligible if you are either of the following:
- A first time buyer
- A previous home owner who can't now afford to buy without help (perhaps because you have broken up with your partner)
- A housing association or council tenant
- A 'key worker' (a key public sector worker, like a nurse or teacher)
How do I go about buying a home at Park Central with HomeBuy Direct?
The first step is to visit the Park Central marketing suite and speak to the sales team. They will put you in touch with a local HomeBuy Agent who will help to guide you through the process. The HomeBuy Agent will see if you're eligible for assistance and will help you fill in the necessary application forms.
The Park Central sales team and the HomeBuy Agent work closely together to ensure that your move is quick, smooth and hassle free.