MyChoice HomeBuy

MyChoice HomeBuy

Expired:   My Choice HomeBuy is an older scheme that has been surpassed by the similar Help to Buy Equity Loan which is more up to date, gives a better offer, and is more readily available.
Help to Buy Equity Loan

What it is

This scheme offers shared equity loans to help in the purchase of any home on the open market; this could be a second hand property or a new home from a private developer.

How it works

The client finds a suitable property, normally via an estate agents or a private developer, and applies for an equity loan for anywhere between 15 and 50 percent of the properties market value. There is a low monthly interest on the loan of 1.75 percent per annum, which annually increases in line with inflation. In order to purchase through this option, a client will most likely have to take out a mortgage in addition to using anysavings to contribute to a deposit.

Options after buying through MyChoice HomeBuy

The home owner has the option of paying off the equity loan at any point during the mortgage term. Alternatively at the end of the mortgage, the equity loan must be paid off in full.

If the property is sold, the loan is redeemed as a proportion of the market value at the time of sale.

In 2009 government priorities to support the new build sector resulted in the suspension of MyChoice HomeBuy in favour of HomeBuy Direct, then FirstBuy and now Help to Buy Scheme.

Note: For a free no obligation chat with an independant mortgage specialist about your requirements please complete our mortgage enquiry form below.

Make a Free - No Obligation Mortgage Enquiry

Stop Press: Find the perfect mortgage!
Lending criteria has been relaxed and our specialists can find you great mortgage offers to compare.
Our team do all the work to find you the best offer
We'll help you find the best mortgage for your needs and ensure that everything runs as smoothly as possible.
Deposits required are again falling
The cost of the best deals has dropped recently for those borrowing either 80%, 85% or 90% of their property's value
Independent, searching the whole market
With 1000's of mortgage products available our mortgage brokers will source the mortgage that suits your situation.
Please complete this quick, free enquiry form.



Your Details

Home Buyer guides

Home Buyer News

Speak with an independant mortgage specialist

About Company is part of the SFN Network of websites. Sitefinders Net Ltd is a U.K based company setup in 1995. Our core business is the development of online businesses using the generic domain name concept. We have a growing portfolio of websites in many different industries such as electronics, finance, retail, seasonal and health.

Privacy Policy

Get in Touch