Equity trap of Government help schemes - Property - Bakewell Today
As house prices appear to be wobbling, first-time buyers face a tricky decision as they consider whether to buy a home under the Government’s £250m support scheme, devised to overcome the acute shortage of mortgage money.
HomeBuy Direct, widely operated by builders and housing associations and backed with millions of pounds of public money, will help 10,000 purchasers to buy new homes with a deposit of only five per cent.
They will qualify for a further equity loan of 20 per cent, funded equally by Government and housebuilders, which reduces monthly mortgage repayments.
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