Last Homebuy Funding Available At North Of England Redrow New Homes Schemes

With FirstBuy now well established as the Government's shared equity assistance scheme for first-time buyers and those re-entering homeownership

, the newly crowned What House? Best Large Housebuilder for 2011, Redrow Homes is still able to offer buyers the opportunity to make their purchase more affordable with the last funds from HomeBuy Direct, the predecessor of FirstBuy. There are strictly limited opportunities to use these funds at a number of current developments in the north of England.

Cash-strapped buyers who qualify for the scheme, which includes those with a household income of less than 60,000 who are buying their first home or coming back into homeownership (for example, after the breakdown of a relationship) and who cannot afford to buy a suitable home on the open market, are able to defer up to 30% of the purchase price with an equity loan funded jointly by Redrow and the Homes and Communities Agency, which is interest-free for five years and repayable when funds allow or when the property is sold.

So, for example, a three-bedroom home with a market price of 165,995 can be purchased for just 70% of the price up front, 116,197, which would be made up of a five per cent deposit and 65% mortgage.

"Time really is of the essence for those who want to take advantage of HomeBuy Direct," says Patsy Aicken, sales director for Redrow Homes (Yorkshire). "I would urge anyone who's considering buying their first home to contact us without delay as restrictions on funding mean that customers must complete the purchase of their new home by the end of December."

Patsy's colleague Christine Aitken, sales director for Redrow Homes (Lancashire), adds: "HomeBuy Direct could also be the difference between buying a run-down, older property that's in need of lots of work and buying a stylish new home that boasts a well-equipped kitchen with integrated top brand-name appliances and enjoys a sleek modern bathroom with quality fixtures and fittings.

She continues: "Buying a home is a big commitment and it may seem daunting, particularly if you're a first-time buyer. Our friendly, experienced sales team and HomeBuy agent will guide customers through the application process and make everything as simple and straightforward as possible."

There is a final chance to make the most of this cut-price entry into owning your own home at these developments in the north of England:

Harbour Village in Fleetwood, Lancashire; Wheatley Chase in Halifax, West Yorkshire; Saxon Court in Sherburn-in-Elmet, North Yorkshire; Priorpot Mews in Malton, North Yorkshire; Danum St Giles in Doncaster, South Yorkshire; Kirk's Paddock in Grimsby, Lincolnshire; Fox's Fold in Barton-upon-Humber, Lincolnshire.

by: Keith Osborne

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