Announced by The Government in early September, 2008, HomeBuy Direct is a new shared equity product designed to help qualifying first-time buyers buy a home direct from a property developer.

HomeBuy Direct will offer eligible first-time buyers the opportunity to buy a new home direct from a developer with the help of an equity loan of up to 30% of the home's market value. The equity loan will be interest free for the first 5 years with a charge payable from year 6.

The product will be available on homes at specifically designated developments, details of the HomeBuy Direct developments should be available in early 2009.

Interested in buying a home with HomeBuy Direct? Register with Housing Options in late 2008/ early 2009.

Further details on HomeBuy Direct can be found at:

http://www.communities.gov.uk/housing/buyingselling/ownershipschemes/homebuy/HomeBuyDirect/

Further details of the housing market package that HomeBuy Direct was announced with can be found at:

http://www.communities.gov.uk/housing/strategiesandreviews/housingpackage/

The announcement of HomeBuy Direct means that we are now able to offer a flexible approach to New Build MyChoiceHomeBuy funding - which can now be made available to help home buyers who choose to buy a second hand property.