FirstBuy
FirstBuy is the new Government funded equity loan product. It gives you the opportunity to buy a new home with the assistance of a loan for up to 20% of the full purchase price of the property. The remaining purchase price of at least 80% will need to be funded by a mortgage (including the deposit).
Interest is not applied for the first five years, with an interest charge payable from year six onwards. The administration of FirstBuy is free of charge to applicants and applications are processed in date order.
To be eligible, household income must not exceed £60,000, with priority given to the following four groups:
• Existing Social Tenants
• Ministry of Defence (MoD) Personnel
• Local Priorities
• First Time Buyers
Funding for FirstBuy is allocated through the Homes and Communities Agency and administered via a network of Local HomeBuy Agents. To obtain a full list of local HomeBuy Agents, please visit www.direct.gov.uk.
Download the FirstBuy Buyer's Guide here.
Find out where you can currently buy through FirstBuy:
Berkshire
Buckinghamshire
Milton Keynes
Oxfordshire
Surrey
