Open Market Homebuy schemes more popular
The Governments Open Market Homebuy Scheme (omhs) is increasing in popularity after a slow start.
The scheme was introduced in October to help public sector key workers and other eligible individuals purchase a home that would previously have been unafordable. It works by providing two equity loans , each worth about 12.5% of the property value to run alongside a mortgage of 75% of the property value. No interest is charged on the equity loans.
The average purchase price of properties bought through the scheme is around £160,000 with a mortgage of £120,000.
For further information on the scheme, log on to www.housingcorp.gov.uk
Jerome Thompson www.you-can-mortgage.co.uk
The scheme was introduced in October to help public sector key workers and other eligible individuals purchase a home that would previously have been unafordable. It works by providing two equity loans , each worth about 12.5% of the property value to run alongside a mortgage of 75% of the property value. No interest is charged on the equity loans.
The average purchase price of properties bought through the scheme is around £160,000 with a mortgage of £120,000.
For further information on the scheme, log on to www.housingcorp.gov.uk
Jerome Thompson www.you-can-mortgage.co.uk
Labels: mortgages
posted by Reef Financial Services at 03:07
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