A Fool and His Money

The “Open Market HomeBuy” is a revamped scheme which is going to be offered by the government next month .It will give first time buyers a better chance of affording their new house. The scheme which was introduced back in October 2006 may now allow home buyers to take out a mortgage for 50% of the price of the property and let the rest be paid for by top-up loans funded in part by the state. In some cases you would need to pay for the top-up loans for years.

Two new deals will be replacing any existing deals at the end of March.

• After taking out a standard mortgage for 50% of the properties value you are able to take out a home loan from any participating bank or building society. The remainder of the purchase is financed by equity loans upon which you pay interest from day one.

• The second deal is in conjunction with the Co-operative Bank. After taking out a mortgage for a minimum 60% of the property value the rest is financed by the Co-op Bank home loan without interest for 5 years. Then the interest kicks in at 5%.

If you are interested then look up your local HomeBuy agent.

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