FirstBuy
First time buyers aspiring to live in a luxury new home, now have the opportunity thanks to Berkeley's range of FirstBuy properties available at Kingsbrook Park.
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 (as little as 80%) by means of a conventional mortgage and a deposit.
- You will be required to contribute a deposit of a minimum of 5% of the property's value
- The loan is interest free for 5 years*
- Following completion you can choose at any time to make voluntary part repayments ('staircasing') for the FirstBuy assistance at the prevailing market value. The minimum voluntary repayment is 10% of the market value at the time of repayment
You can download a copy of the FirstBuy Buyers Guide here
*In the sixth year the loan attracts interest of just 1.75%; thereafter the rate will increase each year by the Retail Price Index plus 1% per annum.
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.
