HomeBuy Direct
HomeBuy Direct - A new initiative to help you move home
This is your opportunity to buy a brand new Redrow home. All you need is a 70% mortgage*. That's right. No need for a large cash deposit**. Here's how:
You get an interest-free equity loan worth 30%*** of your chosen Redrow home. This may act as your deposit so you don't need a large cash deposit up-front**. All you need is a 70% mortgage* to buy your home. Here's a summary:
- You pay just 70% of the purchase price*
- You pay NO INTEREST on your 30% equity loan - for 5 years***
- You don't need a large cash deposit**
- If you purchase a Redrow home through HomeBuy Direct, you will still have 100% title to your home and you can sell it on the open market without restriction.
- You'll find an affordable mortgage***
This is a new Government-led Initiative to help you move if you are:-
A first time buyer?
or
Starting over?
or
Living in rented accommodation?
or
Just need more room for your expanding family.
Plus you have a household income of less than £60,000 per annum.
LIMITED AVAILABILITY – so be quick! Register your interest NOW
FIND OUT MORE ABOUT HOMEBUY DIRECT - Download the pdf here
Find your nearest HomeBuy Direct development
- View new homes in Midlands
- View new homes in Yorkshire
- View new homes in Lancashire
- View new homes in South East
* Purchasers must take out a first mortgage (with a qualifying lending institution). This mortgage, together with any cash contribution from the purchaser, must be a minimum of 70% of the full purchase price.
** Purchasers will be required to raise funding (including a mortgage and any deposit, where this is required by the purchaser's lender) of not less than 70% of the property purchase price.
*** Redrow Homes and the HomeBuy Agency will provide equal equity loans to make up the cost of the purchaser's home, up to 30% of the full purchase price. These equity loans are repaid when the purchasers sell their home, at which point repayment is required at the same percentage of the proceeds of the sale to the Agency and Redrow Homes as the initial equity loans. In addition, purchasers can make part repayments of the equity loans ('staircasing') after twelve months. The equity loans are interest free for the first five years. After that, purchasers will pay a fee on the equity loans of 1.75%, rising annually by the Retail Price Index (RPI) plus 1%.
**** Subject to individual's lenders' lending criteria and purchaser's credit history
Please liaise with the Redrow sales consultant on the development of your choice for full details. Local HomeBuy Agents will assess and approve your eligibility for HomeBuy Direct, and you need to be confirmed as eligible before you proceed with the buying process. Your home is at risk if you do not keep up mortgage repayments or payments on other loans secured on it. Please note the value of properties can go down as well as up.
