A helping hand up property ladder

Sep 20 2007 by David Bartlett, Liverpool Daily Post

FIRST-TIME buyers are having to find new and innovative ways of getting their feet on the property ladder.

Patrick McCombs doubts he would have been able to get on the ladder if it had not been for a shared equity scheme.

In July, Mr McCombs, 26, had become increas- ingly aware he could not afford to get on the property ladder without help. But then he moved into a new apartment in the LSEVEN new-build development off Spof- forth Road, on the border of Edge Hill and Wavertree.

The delivery driver had lived at home with his father in south Liverpool. The ground floor two-bedroom flat which has a private garden cost £100k, but Patrick only had to put up a £75k mortgage.

The rest was arranged through a scheme called HomesHub, which is backed by the Depart- ment for Communities and Local Government.

HomesHub provided £12,500 interest free and the other £12,500 was provided by his lender, interest free for three years.

VISIT www.homes hub.co.uk for more information.