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19/01/2009
Shared-ownership schemes a 'viable option' |
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An expert has claimed that those looking to buy a house in the current economic environment could benefit from the government's HomeBuy plan.
Hayley Martin, team leader at Click n go Mortgages, has described shared-equity schemes as a practical alternative, particularly for first-time buyers or those on a low income who are looking to get on the property ladder.
She said that the HomeBuy format can be helpful because, although they still want a ten per cent deposit, it is ten per cent of a "smaller share".
"For example, for a £40,000 mortgage it's only £4,000 that they've got to find, which is not unachievable."
There are three HomeBuy schemes that are based on 'equity loans'. Social HomeBuy enables tenants of local authorities and housing associations to buy a share in their current home at a discount, while New Build HomeBuy allows people to purchase a stake in a newly-built home and they pay rent on the remainder
Open Market HomeBuy enables people to buy a home on the open market, according to Directgov.
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