Governments FirstBuy Scheme for First Time Buyers is underway

The Governments FirstBuy shared equity scheme to help first time buyers step on the property ladder is now well underway.

The FirstBuy scheme has been up and running for just over a month now and many of the National Builders are offering this scheme on their new build. As an independent whole of market mortgage advice firm we can offer advice for first time buyers considering this type of shared equity purchase. So what's the details of the Government FirstBuy scheme: -

Typically you would still need to provide a minimum of a 5% deposit, you can obtain a mortgage from one of large panel of lenders who specialise in Equity Share mortgages, This would form 75% of the property value then the final 20% would be offered via a combination of a 5 year interest free secured loan from both the Government and the National Builder (typically 10% each).

That said I'm looking for introductions to the Sales Directors at TaylorWimpy, Bovis Homes, Lovell Homes, and other such national builders who are offering FirstBuy schemes in Merseyside & Cheshire areas.

Also if you hear any young couples/families saying things like 'I'll never own my own home' then please refer them on to Wentworth Financial Services who will do their best to assist them.

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Right to buy scheme re-introduced

Conservative conference - Help for national builders to build more social housing, the re-introduction of right to buy scheme to help fund the new builds.

This week the Conservative government have re-introduced the Right-to-buy scheme to allow people in social housing to purchase their property at up to 50% discounted market value. The money raised from selling the social housing will help fund the building of new social housing and help the stagnant national building industry.

So the Government are prepared to sell off more social housing, just like when Margret Thatcher first introduced the Right to buy scheme in the 1970s. This does not help those first time buyers out there working hard to build a deposit so they can step onto the property ownership ladder. Do you think this is fair? Have your say, please leave your comments here.

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