HomeBuy Direct

Idiophreak

I don't think they're ever advertised as for people who can't afford to save a deposit...they're always sold as "loan", "we'll lend you" etc. I'd have thought most people would think "would I be able to afford to repay that?"...

Ninnut85

They may not be advertised as that but i'm sure there will be quite a few people who see them as that.

Well there is always the option to sell your home and pay back the 30% that way

dizzyblonde85

anybody out there that has actually finished the homebuydirect process?

dizzyblonde85

Something else to remember is that this scheme has always been advertised as a way to get on the housing ladder.... So buy your first property and more often than not sell up in a while to a bigger property, hence the limitations on bedrooms etc. So the government kind of expect you not to stay in the house you buy through HBD forever, thus when you sell it on you will pay back your equity loan.
And remember whilst if your house price rises and so your equity loan becomes more value you will also make an amount of money that can be used as a further deposit.
I am very much seeing this scheme as a way to buy my house and still save (albeit a smallish amount) each month towards a "deposit" or a buy now, pay your deposit later.