From This is Money:
As with many Government schemes, first-time buyer shared equity scheme Homebuy Direct, has seen something of a gulf between the bold rhetoric of its announcement and the reality of actually getting underway.
The scheme has been slow to pick up speed and according to an investigation by Channel 4 News just 215 buyers have completed so far, despite developers struggling to shift new build flats on the open market.
The shared equity scheme allows borrowers to cover 70% of a property’s value with a traditional mortgage, with the other 30% share lent by the developer and Government at no charge for five years.
But, while home builders admit it has been slow to get going, they say Homebuy Direct is a success and Channel 4’s investigation did not take into account those properties going through the sale process now.
There are at least 2,000 sales in the pipeline, although John Stuart of the Home Builders Federation admitted the target of 18,000 homes was unlikely to be hit.
So, if you a…