Firstbuy
FirstBuy is a government-backed scheme that makes it easier for first-time buyers to get on the property ladder. We could give you an equity loan of up to 20%, so you can take out a mortgage with a smaller deposit and lower repayments. FirstBuy is now available at Upton Square, but funding is limited so please apply as soon as possible.
How it Works (Example)
If you buy a new home from us for £100,000, you’d need a 5% deposit of just £5,000 and a 75% mortgage of £75,000.
The rest of the purchase price would be covered by a 20% equity loan, jointly-funded by us and the Government. If you sold your property after five years, you’d repay us 20% of the selling value. For example, you’d pay us £25,000 on a sale of £125,000.
| Example of FirstBuy home ownership | ||
|---|---|---|
| Open market price of new home | £200,000 | 100% |
| FirstBuy buyer affordable mortgage @ 75% | £150,000 | 75% |
| FirstBuy buyer pays 5% deposit | £10,000 | 5% |
| FirstBuy buyer total contribution | £160,000 | 80% |
| Agency and house builder assistance 20% equity loan (via two equity loans at 10% each) | £40,000 | 20% |
Key Benefits
- Buy your first home sooner
You won’t need to save up a large deposit as you could buy with as little as 5% deposit with a 75% mortgage. - Own 100% of your home
If you can’t otherwise afford to buy a home in your area, FirstBuy opens the door to 100% home ownership.
You’ll Qualify for Firstbuy if:
- You have a household income of less than £60,000 a year.
- You can’t otherwise afford to buy a home in your area.
- You’re buying a new home for you and your family to live in.
- You can fund at least 80% of the purchase price with a mortgage and deposit.
Offers apply to selected plots only. Terms and Conditions apply.
*Based on 80% of a 1 bedroom studio apartment purchased with FirstBuy.
*Based on 80% of a 1 bedroom studio apartment purchased with FirstBuy.