A Buyer's guide to FirstBuy

Our previous blog on Firstbuy made reference to the Rightmove survey results which indicate that 45% of potential first time buyers now believe they are more likely to get on the property ladder thanks to FirstBuy. But what about the remaining 55%? I suspect there may well be plenty of house hunters who remain unaware of the Firstbuy scheme – and how they could stand to benefit from it.

For those of you currently looking at your options in a challenging property market Firstbuy is the scheme introduced by the government earlier this year to offer a helping hand to those who may otherwise struggle to get that ever-desirable first step onto the property ladder.

As the name of the scheme suggests Firstbuy is primarily aimed at first time buyers – the lynchpin of the UK housing market. What the scheme offers is financial support to the tune of up to 20% of the purchase price – meaning that the buyer may only have to fund as little as 80% of the purchase price themselves. The 20% equity loan is made up of equal contributions from the HCA and the housebuilder and is only repayable after 25 years or when the property is sold or remortgaged – whichever comes first.

Whilst the name of the scheme indicates that it is targeted at first time buyers this is not the only group able to benefit from the government’s assistance. Key workers members of the armed forces and those who have previously owned properties but are now unable to buy or move without assistance also qualify for Firstbuy which is expected to assist some 10500 purchasers into a new home over the next two years.

So house hunters take note – even if you are looking to buy a home which is not your first Firstbuy may be able to give you the helping hand you need. Failing that we have our very own range of purchase incentives tailor-made for house hunters nationwide who are searching for that dream home.

By Michaela Lancaster Miller Homes Regional Sales Director – North West