Firstbuy explained..

We were delighted to hear the Government's plans to introduce a new scheme to help first time buyers into the housing market and judging by the huge success that HomeBuy Direct enjoyed buyers will be sure to take full advantage of the new scheme.

But what is First Buy and how can you benefit from it? The truth is that the new scheme is pretty much exactly the same as Home Buy Direct proving that the Government really had hit upon a winning formula here.

The scheme aims to help 10000 first time buyers by assisting in providing up to 20 per cent equity loans helping to bridge that vital deposit gap for buyers.

Much the same as HomeBuy Direct which is still available on a number of our developments across the country the new scheme will only need to borrow 80 per cent of the purchase price allowing buyers to take better advantage of mortgage deals and thus reducing their monthly payments.

House builders like us are currently applying for access to the funding which we will then be able to offer to new buyers from this summer.

Investment in first time buyers is vital to keeping the housing market moving so this is excellent news for buyers and for the economy. I for one am delighted with the plans and look forward to being able to offer this scheme to our buyers very soon.

Sue Warwick National Sales and Marketing Director Miller Homes