A family from Rugby have discovered first-hand the benefits of a shared equity scheme currently being offere4d to those seeking an affordable home.

Jose Cachopo and his family fell in love with Miller Homes' St Peters development and were even happier when they discovered that, through the HomeBuy Direct shared equity scheme, they could purchase for just 70 per cent of the property's value.

"The fact that Homebuy Direct is government backed really gave us confidence about venturing onto the property ladder," he commented.

"It was great that there's no interest to pay straight away as it's meant we've had the extra money to furnish our new home."

With many mortgage lenders now asking for a 20 per cent deposit on a property, the scheme means even families with a amount of money put aside could find that home ownership is more affordable than they thought.

The initiative is open to first-time buyers and key workers such as teachers, nurses and police officers.
Source:28/08/09