Equity loans - FirstBuy
What is FirstBuy?
FirstBuy is an equity loan scheme to help first time buyers purchase a new build home on selected developments. FirstBuy gives you the opportunity to buy a new home with the help of an equity loan. If you are interested in FirstBuy, you should complete a HomeBuy application now where you will be considered for all HomeBuy options.
How does it work?
With FirstBuy you buy a minimum of 80% of the market value of a property. An equity loan of up to 20% is provided to assist your purchase. You will need a minimum of 5% for your mortgage deposit.
After five years there is a fee of 1.75%, which increases annually in line with inflation.
Download the FirstBuy Buyers' Guide
Important information:
FirstBuy is a government funded product. Funding is allocated via the Homes and Communities Agency and administered via a network of local HomeBuy Agents. A full list of local HomeBuy Agents is available here.
The administration of FirstBuy is free of charge to applicants and all applications are processed in date order. For details relating to eligibility and prioritisation please click here.
Certain unofficial websites are promoting a fast track/priority service for FirstBuy at a cost to applicants. Please be advised that these websites are not part of the government scheme and do not work in partnership with the Homes and Communities Agency's network of local HomeBuy Agents.
Your local Homebuy Agent is responsible for approving applicant eligibility and prioritising applicants. Please be advised that any payments for priority or fast track services is at an applicant's own risk and does not provide any further guarantees that you will be successful on the FirstBuy scheme.
Rightmove:
FirstBuy homes are now available to view at www.rightmove.co.uk/firstbuy.
For a full list of FirstBuy developments please contact your Local HomeBuy agent.
Your home is at risk if you do not keep up rent or mortgage repayments or payments of any loans secured on it. Please note that the value of properties can go down as well as up.