A shared equity scheme in Surrey is hoped to make homes more affordable for first-time buyers in the county.

House building firm Crest Nicholson is hosting an open day at its Abbots Croft development in Addlestone this weekend to help potential buyers find out how they can benefit from HomeBuy Direct.

Under the scheme, househunters may be eligible for an equity loan of 30 per cent towards the purchasing cost of their new home, which is interest-free for the first five years.

Greg Ketteridge, managing director of Crest Nicholson, says the scheme will open up the housing market in Surrey by bringing more homes within the price range of buyers.

"This weekend, new home buyers will be able to find out more about their purchasing options and will be able to make the most of the more affordable properties in the market," he added.

Crest Nicholson is also offering its Smoothmove incentive on some homes in Surrey, which helps buyers by paying their estate agents' fees and home information pack costs for them.

Source: Direct News 7/5/09