The Government digs deep!



The Government digs deep with a new programme to help First Time Buyers get on the property ladder.





It emerged last week that 500 million had been earmarked by the government for the Home Choice programme.

The scheme is to be implemented as a result of the lack of funds being currently offered by banks to First Time Buyers.

We have outlined the product details below, so if you have any questions or are inetersted in the Home Choice Loan Scheme please contact one of our mortgage specialists on 1890 252546.


What is Home Choice Loan?



Home Choice Loan is a mortgage provided through a number of local authorities for First Time Buyers who cannot get sufficent finance from a bank or building society.

The loan will provide up to 92% of the market value of a property purchased, with a maximum loan amount will be 285,000. The loan is a normal Capital and interest bearing mortgage which is to be repaid on a monthly basis and the term will be for a maximum of 30 years. The loan will only be available for newly built homes.



Who can apply?



To qualify for a Home Choice Loan applicants must:



be a first time buyer (some exceptions may apply)

earn more than 40,000

be in permanent employment for two years; If self-employed be able to submit two years certified accounts

have proof of being unsuccessful in securing a sufficient mortgage from a bank or building society to buy a home.