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Firstbuy Mortgage

firstbuy Mortgagee is an independent firstbuy mortgage introducer that specialises in both key worker advice and mortgaes for firsttime buyers....read more

Home Buyers who purchase a home through the firstbuy directHomebuy scheme and shared ownership schemes such as New Build Home Buy will be stamp duty exexmpt up to £250,000. George osbourne has anounced that as long as the percentage share is below 80% no stamp duty is due

In most cases people who buy through the First buy HomeBuy scheme will own less tha 80%.

Affordable Housing

If you are looking for affordable housing or general firstbuy advice consider the following shared equity schemes....read more

Firstbuy Direct

Firstbuy Direct Home Buy buy allows you to choose your own home from a new build house builder..First Time buyers are provided with are provided with....read more

 

Shared ownership key worker schemes

FIRST TIME BUYERS ARE PRICED OUT OF HOMES
Research revealed by Britain's largest mortgage lender the Halifax shows that key public sector workers are priced out of the property market in two-thirds of Britain’s towns.

Nurses, policemen, teachers, ambulance workers and firemen can no longer afford to buy an average priced house in 65% of towns, compared with just 24% five years ago.

Martin Ellis, chief economist at Halifax, said first time buyers had been "hit hard" by the strength of the property market since 2001.

"Now it is difficult for key workers to buy the average house not only in the south of England but also in significant parts of the Midlands, northern England, Wales and Scotland," he said......read more

First time buyers who need asistance getting onto the property ladder may apply for the firstbuy home ownership scheme....read more

  

 

 

 

 

 

The Government's New FirstBuy Direct Scheme for 2011-2012

Announced March 2011, The Government have pledged £250 million to help first time buyers purchase their first property. The money is expected to be spread over two years and is available only on New Build Homes from participating developers.

Home buyers will be able to access FirstBuy assistance through their nearest HomeBuy agent. If sucessful, the buyer will recieve a 20% deposit towards the purchase. This money comes in the form of an equity loan and is funded equally between the UK Government and the House Builder.

The first time buyer must be able to demonstrate that a mortgage for 75% of the proprty is affordable and that they have funds to cover their own 5% deposit aswell as upto £5000 to cover legal costs and mortgage fees. The loan is interest free for the first 5 years, and charged at 1.75% in year 6, and inflation plus 1% thereafter. On sale of the property, the loan is paid back equal to 20% of the sale price, unless the homeowner has purchase the remaining shares.

Although the finer details of the FirstBuy scheme are still to be published, it is expected that like its predecessor 'HomeBuy Direct', after 25 years, the loan would need to be paid back in full, either through refinancing or sale of the property. Also, first time buyers will only be able to purchase a property that has more bedroom than their minimal needs dictate. This means a single person can buy upto a 2 bedroom property, and a family with 1 child can buy upto a 3 bedroom property

The main benefits of the scheme:-

  1. Only a 5% deposit is required.
  2. The interest rate on your mortgage is based on a combined 25% deposit, this would be significantly higher should you have a much smaller deposit.
  3. Helps you afford a home that may have been previously unaffordable.

Currently, only a handful of mortgage lenders welcome this scheme. By contacting FirstBuy Mortgage.com, we can help organise a mortgage in principal from the cheapest participating mortgage lender for your circumstances.

 

 

 

 

 

 

The information on this page should be taken only as a guide. Full elegibility criteria will be announced and published on your local homebuy agents website.

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Firstbuy Mortgage is a mortgage introducer and all information found on this site should only be used as a guide and not the definitive answer to your circumstances. This site is not responsible for any of the content on incoming or outgoing pages. If you choose to arrange a mortgage outsidre of the governments schemes you may be charged a fee of 1% of the amount borrowed depending on your circumstances.