What is FirstBuy?
FirstBuy is an affordable housing deposit assistance equity loan product from the Homes and Communities Agency, working in partnership with house builders. It aims to make more new affordable homes available to eligible buyers priced out of the housing market.
Who is eligible?
To be eligible for this scheme, purchasers must meet the following criteria:
- Have a household income of less than £60,000 per annum.
- Must be a qualifying buyer unable to afford a suitable home in their local market.
- Must be able to demonstrate access to savings or sufficient funds to pay, a cash deposit of 5% of the purchase price, legal fees, stamp duty and other costs of moving.
- Must be able to sustain home ownership in the longer term. Typically, applicants will be employed on a permanent contract of employment. If self-employed, the applicant must be able to provide accounts for the last three years.
- Must not already be a home owner or named on a home mortgage. If an applicant has had their name on a mortgage they will have to provide evidence that it has been (or is in process of being) removed.
- Must have a good credit history.
- Must be able to secure a mortgage with a qualifying lender.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN ANY DOUBT, SEEK INDEPENDENT FINANCIAL ADVICE.
