Demand for the equity loan scheme MyChoiceHomeBuy has been strong and there is currently no funding.

This means that some applicants who have been assessed as eligible for assistance will be unable to proceed with a purchase using a MyChoiceHomeBuy equity loan, however, other options exist through which assistance can be made available. These options are:

HomeBuy Direct

HomeBuy Direct offers equity loans of up to 30% of the purchase price on new build homes on selected developments throughout the country. No charge is payable on the equity loan during the first five years. From year 6, a charge of 1.75% (rising annually by RPI plus 1% is payable). There are over 10,000 homes available to purchase via HomeBuy direct across the country. Your local HomeBuy Agent [us/contact details] will have a list of the sites where properties are available and will be able to advise you if there are HomeBuy Direct properties available in the areas you are interested in.

New Build HomeBuy

New build HomeBuy offers new build properties to eligible purchasers on shared ownership terms. Shares of 25% to 75% of the property can be purchased, depending on the purchaser's individual financial circumstances. Purchasers pay a charge on the unsold equity in the property. These charges may vary slightly but the average is 2.75%. Details of sites where newbuild HomeBuy is available can be provided by your local Homebuy agent.

General

Customers who are seeking assistance to purchase a home are strongly advised to follow one of the routes outlined above. In particular, purchasers should note that the volume of properties available via HomeBuy Direct or New Build HomeBuy significantly exceeds those who could be helped via MyChoiceHomeBuy or through Ownhome. It should also be noted that volumes of funding for these latter products next year will also be limited. There is therefore no guarantee that waiting until further funding is released will mean that all demand can be met. Purchasers are therefore very strongly advised to pursue other options as outlined above.