New scheme to help home-buyers
10/01/2008
EMH tenants can now get a loan to help them buy a place of their own, thanks to the new Open Market HomeBuy scheme.
Loans are available for up to 17.5% of the purchase price of the home you want to buy. This means that you must be able to raise the other 82.5% yourself from a mortgage and cash deposit or savings.
You don’t need to repay the loan while you are living in your new home – only when you decide to sell and move on. However, the property will be revalued at this time so you will repay whatever the loan is worth at that time.
You will need to arrange your mortgage through one of a panel of Independent Financial Advisors (IFAs) who are familiar with this scheme and will help you as much as possible.Your mortgage must be with a qualifying lender which includes most banks and building societies. However,your IFA will provide further details upon request.
Please contact us now for more details about this scheme, who is eligible, and how to apply. You can do this by telephoning EMHomebuy on 0844 892 0112 or you can send us an email or visit our website.