Online House Hunter: FirstBuy | Alan Cleaver | Independent Property Blogs
I FEEL duty-bound to flag up the government’s FirstBuy scheme, despite it being greeted by cynicism from a number of sectors in the property market.
You may recall the government announced this in the March 2011 budget. Essentially it is a shared equity scheme for new-build properties which reduces the amount of deposit initially required. It is aimed primarily at first-time buyers with priority given to social tenants and key workers. Cynics argue that the £250m scheme is barely a drop in the ocean and is unlikely to do much for the homebuyer or housing markt in general.
Under the First Buy scheme, the government and the housebuilders will jointly provide a 20 per cent loan to top up first-time buyers’ own deposit of five per cent. This will allow them to take out a mortgage for 75 per cent of the property. Loans will be free of charge for the first five years and repaid when the property is resold.
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