HomeBuy Direct
What is HomeBuy Direct?
HomeBuy Direct is an equity loan scheme which offers help towards the purchase of a new build home on various developments across the Tees Valley and County Durham area.
How does it work?
If you are eligible, you will be offered an equity loan of up to a maximum of 30% of the purchase price based on the full market valuation of the property but will own the property outright. The equity loan is provided by the Homes and Communities Agency and the developer.
You would need to fund at least 70% of the purchase price via a conventional mortgage and a deposit where required. You must get your conventional mortgage from a qualified lending institution.
For the first five years there is no fee charged on the equity loan. At the start of year six an interest fee of 1.75% per annum becomes payable on the original value of the loan (paid monthly). This rises after year 6 at RPI + 1% per annum (please see the guide below for examples).
You can make part repayments, known as staircasing, after 12 months of ownership. When the home is sold, the equity loan is repaid as a percentage of the market value at the time of sale. So if you received a 25% contribution to purchase under HomeBuy Direct you will repay 25% of the value when it is sold. Staircasing before the home is finally sold on will increase your share of the future sale proceeds.
For full details of the HomeBuy Direct scheme, please download the following buyers guide:
Exclusively for teachers……No deposit required with HomeBuy Direct.
For more information and to see if you’re eligible download our guide here or call The Teachers Building Society direct on 0800 378 669.
The following developments are part of this scheme:
Darlington Area
| Development | Developer | Location | End of Funding for HomeBuy Direct |
|---|---|---|---|
| Woodland View | Tees Valley Housing | Darlington | 31 March 2012 |
Durham Area
| Development | Developer | Location | End of Funding for HomeBuy Direct |
|---|---|---|---|
| The Leas | Keepmoat | Brandon | 31 March 2012 |
| Saxon Park | Bett Homes | Peterlee | N/A |
| Burton Woods at Whitworth Park | Barratt | Spennymoor | 31 March 2012 |
Hartlepool Area
| Development | Developer | Location | End of Funding for HomeBuy Direct |
|---|---|---|---|
| The Lakes | Innovus Homes | Hartlepool | N/A |
Stockton-on-Tees Area
| Development | Developer | Location | End of Funding for HomeBuy Direct |
|---|---|---|---|
| Hardwick Green | Barratt | Stockton-on-Tees | 31 March 2012 |
