Details of a government-backed shared equity initiative will be explained to families hunting for affordable homes in Gainsborough this weekend.

Miller Homes is hosting a dedicated event to allow parents to find out more about HomeBuy Direct, while a number of games and activities are planned to keep the kids busy.

Under the scheme, families will be able to purchase a four-bedroom home at the Brooklands development for just £104,997 by paying 70 per cent at the outset, with the remainder funded by an equity loan.

Jan Hanaby, regional sales manager for Miller Homes Yorkshire, said only a few properties at the development have been chosen under the scheme, so demand is sure to be high.

"The HomeBuy Direct initiative also removes the issue of affordability, buyers can get lower mortgage rates and, in some cases, have no deposit to worry about, which means they can certainly get more home for their money," she added.

HomeBuy Direct was introduced in response to evidence collected by regional development agencies, which showed house builders and first-time buyers both needed help to weather the property slump.

Source: Direct News 21/5/09