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Homebuy Direct Information
HomeBuy Direct buyers are given help to purchase a new build home with assistance from the Homes and Communities Agency and from Pocket. You take out a first mortgage to cover at least 70 per cent of the purchase price and this is topped up with an equity loan covering up to 30 per cent of the purchase price. For the first 5 years, there is nothing payable on the loan, after this time an interest charge of 1.75% per annum is collected on the outstanding amount. However, after 12 months of ownership you can choose to make part repayments of at least 10% or repay the outstanding loan in full. All repayments are made at current market value at the time of repayment. You will be the legal owner with 100% title to your home, the HCA and Pockets’ entitlement to a share of the future proceeds is secured through second charges on your home. Your mortgage lender will hold a first charge. Full information is given within the HomeBuy Direct Buyers Guide and from the Homes and Communities Agency.
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The HomeBuy Direct scheme provides equity loans to help first-time buyer’s purchase selected new build properties. The majority of Pockets’ properties can be purchased under the HomeBuy Direct Scheme. Your household income must not be in excess of £60,000 per annum.