RBS IP already has a presence in the shared equity scheme sector, accepting applications from the Government’s MyChoiceHomeBuy scheme.
HomeBuy Direct is a new affordable housing scheme that has been introduced by the Government, in partnership with UK property developers, to encourage the sale of new build homes. The scheme provides homebuyers with a loan of up to 30% of a property’s purchase price that is funded jointly by the Homes and Communities Agency (HCA) and property developers.
Chris Pearson, Director of Intermediary Mortgages, Royal Bank of Scotland commented: “We are keen to explore ways in which we can better serve the first time buyers’ market and participation in these Government schemes offers us a great opportunity to achieve this. We have gained valuable experience from our participation in the MyChoiceHomeBuy scheme, so we are delighted to continue our activity in this sector by accepting applications from the HomeBuy Direct scheme.
“The Government’s recent announcement of additional available funding for the next 15 months is expected to equate to the purchase of 18,000 new homes or 1,200 a month, which represents a great boost to the market.“
