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David Kidney has praised Housing Minister Margaret Beckett for her announcement of a national deal worth more than £400 million to help first time buyers aspiring to buy their own home
More than 130 developers have agreed to offer the HomeBuy Direct scheme which will help up to 18,000 first time buyers to purchase a home at sites across England including in Stafford Borough and South Staffordshire District.
The scheme is aided by an equity loan, part funded by the Government and the developer. The equity loan, which will be free of charge for five years, can be used as a deposit and can cover up to 30 per cent of the purchase price.
David Kidney says initiatives like this are desperately needed:
“In these very difficult economic times, this Government is committed to doing everything possible to support homeowners facing difficulties, and promoting the long- term stability of the market.
“This particular scheme means a first-time buyer could purchase a house worth £180,000 for as little as £126,000. As with other HomeBuy schemes, any first-time buyers whose household income is under £60,000 who cannot otherwise afford to buy will be able to apply.”
Eligible first time buyers will be able to apply for the scheme from early 2009 by contacting a HomeBuy agent in their region. The agent for Staffordshire is Mercia Housing Association.
The scheme will also support the house building industry by identifying buyers for their new homes, helping them to weather the current difficult conditions in the market.
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For details about the scheme
Developers were invited to submit bids to the Homes and Communities agency
Advice is available through Home Buy agents.
The Mercia Housing association website allows you to check if you are eligible on line, and register for suitable vacancies.
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