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Wednesday, 3 October 2012

First-time buyers urged to register for FirstBuy

  • Published: Monday, 20 June 2011

First-time buyers struggling to build up a large enough deposit to get on the property ladder are being urged to register their interest in the FirstBuy scheme. Under the new scheme, the government and housebuilders will lend you the money for a deposit, with loans repaid when you sell the property.

FirstBuy scheme

Register for FirstBuy

Find your local HomeBuy agent and register your interest in FirstBuy

A number of HomeBuy schemes are available to help people buy their own home. FirstBuy is a new one of these, designed specifically to support first-time buyers.

Through FirstBuy, the government and housebuilders together will offer first-time buyers a 20 per cent equity loan. 

Along with the 5 per cent deposit from the buyer, this will enable them to take out a 75 per cent mortgage on the rest of the property.

Loans will be repaid on resale of the property, with the government's share available for reinvestment in more affordable housing. 

So far, more than 100 housebuilders have been selected to take part by offering their new-build homes to first-time buyers. 

FirstBuy should help over 10,000 first-time buyers in England over the next two years, with more than £500 million available across the UK.

Register for the FirstBuy scheme

The first homes are expected to be available from September this year, but first-time buyers can register their interest in FirstBuy now.

To register your interest, contact your local HomeBuy agent. They will take your details and advise you about your next step.

To find your local HomeBuy agent, follow the link below.

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