Crest Nicholson has announced that it will be implementing the government-backed Open Market HomeBuy shared equity scheme across its UK-wide development portfolio. With the government allocating an extra £100 million for use solely on new-build residential property, Open Market HomeBuy will provide targeted assistance to enable those with a household income of less that £60,000 to buy on the open market.

Two distinct new schemes will be available under Open Market HomeBuy. Ownhome or MyChoiceHomeBuy will both offer purchasers different ways to help secure up to 50% of the value of the property with a low cost home loan.

Stephen Stone, Chief Executive of Crest Nicholson, said: “There is still value inherent in residential property and the government's pledge to commit £100 million in additional funding solely for new build demonstrates a clear commitment to tackle the demands currently facing the sector, head on. Despite the downturn, there is still money available and, if the UK is going to weather the economic crisis it's important that consumers know where they can find this additional help. Doing everything we can to facilitate a steady flow of transactions is going to be key in terms of re-stabilising the housing market.”

Stephen continues: “Our work with English Partnerships to implement the government's First Time Buyers Initiative has already provided the opportunity for over 200 first time buyers to purchase at one of our developments and, with increasing numbers of people struggling to get on the housing ladder at the moment, its encouraging to note that Open Market HomeBuy will give a much greater proportion of the population access to these important government funds.”

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Notes to Editors: About Crest Nicholson Crest Nicholson is a leading developer of sustainable communities whose mission is to meet customers' expectations through the provision of environmentally sensitive and well-built developments. Dedicated to excellence in design and construction, to providing high quality locations and to customer service, each scheme has, as its main focus, the potential to generate a true community spirit through the incorporation of distinctive residential areas alongside open space. Visit www.crestnicholson.com.

About Ownhome Ownhome will be the first Homebuy product to be marketed directly to consumers, giving purchasers the opportunity to borrow between 20-40% of the value of their home for 25 years. There is no interest to pay on the Ownhome loan for the first 5 years, and no additional premium fees or charges. No deposit is required. After 5 years purchasers will be charged a fixed interest rate of 1.75% interest on the Ownhome loan each year and after a further 5 years interest will be increased to a fixed rate of 3.75% for the rest of the loan period. After 25 years (or the term of the mortgage if sooner) purchasers will need to repay the loan, calculated on the value of the property at the time of repayment. First time buyers, social housing tenants or those in priority housing need are all eligible, providing household income is less that £60,000. Ownhome is delivered through the Housing Corporation, the government agency that regulates housing associations in England.

About MyChoiceHomeBuy Purchasers can receive between 15-50% equity towards purchasing a home on the open market. This equity comes from funds provided by government and by Metropolitan Home Ownership. The amount of help will depend on the size of the mortgage but could amount to as much as £140,000, using any approved participating lender. Purchasers will pay a monthly fee on the equity, capped at 1.75% for the first year and is then index linked (rising at RPI plus 1%). Equity bought with MyChoiceHomeBuy can be paid off in steps, or in total, after purchasers have lived in the home for a year. The price of repayments will be based on the market value of the home at the time of repayment. First time buyers, social housing tenants or those in priority housing need are all eligible, providing household income is less that £60,000. MyChoiceHomeBuy is delivered through the Housing Corporation, the government agency that regulates housing associations in England.

Press information: contact Kathryn Morgan at Trimedia Telephone: +44 (0)20 7025 7545 or email: kathryn.morgan@trimediauk.com