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The Government introduced the new Firstbuy scheme in June 2011.
Designed to help first-time buyers onto the property ladder, and aimed at first time buyers/social tenants whose household income is less than £60,000, this scheme sees the government, along with builders, lending 20% of the property value to the buyer.
The buyer then contributes 5% of the value as a deposit, meaning that they only need to find a 75% mortgage. The 20% loan is fee-free for the first 5 years, and must be repaid after 25 years, or when the property is sold
£500 million has been made available for this scheme, and its estimated that it will help over 10,000 people manage to afford a new home of their own.
The scheme is for new build properties only.
Contact Safeguard for more information on the Firstbuy Scheme. |
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