A shared ownership scheme has made homes more affordable for many people who were previously priced out of the market in Kent.

Homeowners can now benefit from an interest-free equity loan of up to 30 per cent to go towards the purchase of a new home, as part of the government's HomeBuy Direct scheme in conjunction with Redrow Homes.

Properties at Redrow's The Paddocks development in Ashford have been included under the scheme, meaning an initial outlay of just £130,900 could buy 100 per cent of a three-bedroom countryside house.

Redrow's sales director Mary Timlin says the initiative is "the smartest way" to buy a home in the current climate.

"This is an excellent opportunity for people to get the new home they've always wanted at The Paddocks at a price they can afford," she added.

Recently the government pledged £600 million to increase Britain's housing supply, including an extension to HomeBuy Direct and additional funding for social housing.

Source: Direct News 2/5/09