About HomeBuy Direct
at Locking Parklands

HomeBuy Direct is a government and developer funded scheme offering new homes for sale with the help of an equity loan.

It means that you initially pay just 70% of the price (with a mortgage) and St Modwen Homes provides an equity loan of 30% for the balance – but your home is 100% yours. There are no rent payments to make. You don’t have to make any payments on the equity loan for five years, and after that you make payments at an interest rate of 1.75% (a rate which will increase in line with inflation) You can also use any savings you may have as a deposit.

You can buy additional shares at a later date until you own 100% of your home. This is calculated on the current market value at the time that you purchase the additional shares. If you wish to sell your home, the equity loan is repaid as a percentage of the market value at the time of sale.