End of government funding for MyChoice HomeBuy scheme
Published ¤ 24/07/2009
Nationwide have issued a report today stating that the governments funding for MyChoice Homebuy schemes have been stopped stopped.
"The Homes & Communities Agency (H&CA) has announced that all of the government's funding for the Open Market HomeBuy products have now been allocated. This means we will be unable to accept applications under the MyChoice HomeBuy scheme unless government funding is already in place.
"Pipeline cases where the applicant already has government funding approved can be processed through to completion.
"Our understanding is that future government funding for low cost home ownership will be concentrated on products which help first time buyers and simultaneously maintain activity in the new build sector through HomeBuy Direct, which Nationwide supports and New Build HomeBuy, which is a standard shared ownership scheme.
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