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.

Househunters in Huyton are being given a leg up on the property ladder through a shared equity scheme.

Gleeson Homes is offering homebuyers the chance to defer 25 per cent of the cost of their new home at Montreal Gardens for ten years, with no interest or rent to pay.

Julie Rayner, sales director for Gleeson Homes, says the scheme saves buyers from worrying about mounting interest.

"By deferring 25% of the cost of their new home, Gleeson customers need only apply for a mortgage that represents 75% of the value of their new home. This should give them access to some of the best deals around without having to save for a large deposit," she said.

Other money-saving initiatives are available from Gleeson, including a scheme which pays for new carpets, curtains and legal costs for a one-off £99 fee.

Gleeson last year began work on the Breeze development in Sheffield's Norfolk Park, which will provide 91 additional two, three and four-bedroom apartments to the area.

An overwhelming public response has led a government department to announce further funding for one of its most popular shared equity schemes.

The Department for Communities and Local Government is set to inject more cash into the MyChoice HomeBuy scheme, after huge demand saw some councils face a shortage of funds.

So far over 11,000 completions and £3.5 million has been spent on Open Market HomeBuy, of which MyChoice is a part.

This week Reading Borough Council announced that money for the initiative was temporarily unavailable and the scheme has had to be postponed in the region while the authority secures more funds.

Helen Adams, managing director of advice service First Rung Now, says shared equity schemes have been so popular because they offer a solution to first-time buyers in tough financial times.

"One of the few opportunities for first-time buyers is the HomeBuy schemes; they are really reliant on them as a way forward," she commented.

A shared equity scheme launched by a developer in London has met with unprecedented success.

All 26 of the developer's homes offered to purchasers under HomeBuy Direct in Kennington Park Square have been snapped up since the scheme was launched.

HomeBuy Direct brings more homes within the price range of potential buyers by offering an equity loan of 30 per cent towards the purchase of a new home.

Barratt has a further 163 properties for sale under the initiative in other areas of London, which according to reports are also going fast.

"We have an outstanding track record in delivering affordable homes across London through initiatives like this, as our success with HomeBuy Direct at Kennington Park Square demonstrates," said Alastair Baird, managing director of Barratt London.

The government announced in last month's Budget an £80 million extension to the HomeBuy Direct scheme, which has received interest from over 32,000 people since its launch.

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

A shared equity scheme in Bristol has helped a young couple from Lockleaze move into a home of their own.

Electrician Adam Chaplin, 21, was working on a Barratt development in Bristol when he heard about HomeBuy Direct, which allows buyers to cut the cost of buying a new home by 30 per cent with an equity loan.

The scheme is specifically designed to help people who have been priced out of the housing market, including households with a combined income of less than £60,000 per year.

Now Adam and his partner Lauren are looking forward to moving into their new house in the Meadows, Barratt's new development near Siston Village.

"Our application was accepted and everything has gone really smoothly," commented Adam.

"We've bought a two-bedroom Windsor style apartment and we'll be moving in at the end of June."

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.

People looking for affordable homes on Cornwall's seaside are being given the opportunity to take advantage of a government-backed shared equity scheme.

Midas Homes is holding an event on May 9th to show househunters how they can buy a home on the Two Coves development for just 70 per cent of the asking price under HomeBuy Direct.

The remaining 30 per cent will be funded by an equity loan co-funded by Midas Homes and the government, which is interest free for the first five years.

"A stunning location, coupled with the HomeBuy Direct scheme and a wide range of high-quality homes makes it an easy choice for visitors," said Wayne Bennett, sales and marketing director for Midas Homes.

Last week Midas hosted a HomeBuy Direct event at its Phoenix Quay development in Plymouth to help visitors find out more about how they can afford the 16 apartments and townhouses included in the scheme.

Source: Direct News 5/5/09

Househunters in West London are finding that affordable homes in the area are easier to get hold of after the launch of a shared ownership scheme in Bracknell.

Developer Taylor Wimpey has allocated ten properties at The Parks to the HomeBuy Direct scheme, which helps first-time buyers and those earning less than £60,000 the chance to own 100 per cent of their new home.

Regional sales and marketing director at Taylor Wimpey Tim Betts says the scheme is designed to overcome the hurdles of high mortgage costs and larger deposits.

"There are ten homes available through the scheme at the site and we anticipate that interest for them will be high," he added.

Bracknell is described as a popular and vibrant area to live, with a pedestrianised shopping centre, good transport links and well-reputed local schools nearby.

Taylor Wimpey recently predicted an optimistic future for the UK's struggling housing market, reporting "robust" sales for the first quarter of 2009.

Househunters in Leicestershire are being told that a new range of affordable homes has been made available under a government scheme.

Barratt North Midlands has allocated 21 homes at the Regents Park development in Hamilton to the HomeBuy Direct shared equity initiative.

Under the scheme, families may be able to purchase a four-bedroom home for just £118,996 as they only need to come up with 70 per cent of the asking price when buying the property.

The remaining 30 per cent will be paid for via an equity loan co-funded by Barratt and the government.

"HomeBuy Direct is a fantastic scheme which can help first time buyers, key workers and families living in rented accommodation get a foot on the property ladder," said James Poynor, sales director at Barratt North Midlands.

The developer hosted an open evening in Bridgwater, Somerset earlier this month to allow more families to discover how they can benefit from shared ownership schemes.

Source: Direct News 30/4/09