With first-time buyers needing to find a deposit in excess of £50,000, according to latest research from the Mortgage Advice Bureau, aspiring homebuyers struggling to get on the ladder have to look for alternatives.

Jenna and James Scudder are one couple who had been looking to move out of their rented flat for a while, but thought it would never be possible – until they heard about the HomeBuy Direct scheme that Crest Nicholson was offering.

Hairdresser Jenna and her husband, James, who is a heating engineer, were both born and bred in Gravesend and were keen to stay in the area when it came to buying their first property.

On a visit to Crest Nicholson’s Liberty Park development in Wainscott, a few miles away, the couple found their confidence in the market strengthened when they realised they could afford to buy a two-bedroom coach house. “We had wanted to be able to buy our own property for a while, but we weren’t sure if we could afford it,” said Jenna.

“We couldn’t believe it when we discovered that with the HomeBuy Direct scheme we could afford a brand new two-bedroom, two-bathroom coach house with such good commuter links, and close enough to Gravesend that we could come back and visit family and friends.”

HomeBuy Direct is an initiative designed to be a stepping stone to home ownership. With the scheme, first-time buyers are able to secure a new home at Liberty Park for just 70 per cent of the property’s asking price upfront, making an attractive three-bedroom house at the development, priced at £209,500, an affordable £146,500 with HomeBuy Direct.

Under HomeBuy Direct, purchasers will own 100 per cent of their new home from day one and the remaining 30 per cent of the property’s market value is funded by an interest free “equity loan”, jointly financed by Crest Nicholson and the Government.

The remaining equity loan does not need to be paid back for the lifespan of the mortgage or until the property is sold – whichever comes sooner.

Liberty Park is a collection of two-, three- and four-bedroom homes in Wainscott, on the Strood side on the Medway Tunnel.

For further information contact Crest Nicholson on 0870 752 4382 or go to www.crestnicholson.com/LibertyPark.