FirstBuy
First time buyers – here is your chance to secure the perfect home at Bersted Park.
Own 100% of the property for 80% of the price
FirstBuy enables eligible buyers to purchase a new property, funded by an affordable mortgage and with help from Berkeley and the Government. If you qualify for FirstBuy, you will be offered an equity loan of up to a maximum of 20% of the purchase price. This means you will only need to fund the balance of the purchase price (as little as 80%) by means of a conventional mortgage and deposit.
- The buyer is required to contribute a deposit worth 5% of the property's value.
- The loan is interest free for 5 years*
- You will own 100% of the home and can sell it without restriction.
- After 12 months of ownership, there is an opportunity to make voluntary part repayments ('staircasing') of the FirstBuy assistance at the prevailing market value. The minimum voluntary repayment is 10% of the market value at the time of repayment.
This excellent opportunity gives first time buyers 100% ownership of their new homes with a relatively small deposit.
Up to 24 March 2012, first-time buyers can claim a relief from SDLT if the amount paid for the property is under £250,000
*Interest rises to 1.75% in the sixth year. In the following years the amount will change annually based around changes in the retail price index plus 1%.
