A shared equity scheme has come to the rescue of one teacher in Cheltenham after her mortgage application fell through.

Alice Williams was searching for an affordable home at Barratt's Equinox development, but had difficulty securing the loan she needed to purchase.

The developer's sales team then told her about the HomeBuy Direct shared equity initiative, which provides an equity loan of up to 30 per cent towards the price of the property, making buying much more affordable.

"Nadine, the sales advisor, was brilliant and kept me informed of developments," commented Ms Williams.

"I finally bought a lovely apartment for £149,995 and only had to secure a mortgage for 75 per cent of the price, so I'm really thrilled with the final outcome."

Launched in 2008, HomeBuy Direct is designed to help up to 10,000 first-time buyers into affordable home ownership and was this year given a funding boost in the Budget announcement.
Source: 18/08/09