29/07/2008
MyChoiceHomebuy is a Government backed initiative aimed at helping key workers and first time buyers onto the housing ladder. With house prices remaining high, despite recent falls, and cost of living rapidly rising it is harder than ever to afford home ownership.
Using MyChoiceHomebuy a buyer can apply for a Government loan of between 15% and 50% of the value of the property with the remainder being financed on a conventional mortgage. The Government loan is subject only to interest up to 1.75% p.a.
Clients need to apply via one of 8 Housing Associations but it is important to talk to a mortgage broker at the outset to ensure the mortgage element will be available. The broker can also help guide the client through the whole process.
July 2008