First-time buyers in Coventry will be given a helping hand this weekend as one developer unveils a shared equity scheme in the area.

On May 16th and 17th George Wimpey will be showing househunters how they have brought affordable housing to Coventry with the government's new HomeBuy Direct initiative.

Interest-free HomeBuy Direct loans are available to purchasers with a household income of less than £60,000 and will help towards 30 per cent of the market value of the property.

"With only a limited number of apartments currently available using HomeBuy Direct, the chance to take advantage of the scheme and save thousands of pounds will be granted on a first come, first served basis," said Daniel McGowan, regional sales and marketing director for George Wimpey.

The government-backed scheme is designed to help up to 18,000 first-time buyers into affordable home ownership.

Source: Direct News 12/5/09