FirstBuy at Royal Arsenal Riverside.
First time buyers – here is your chance to secure the perfect home at The Warehouse No.1 Street, Royal Arsenal Riverside.
FirstBuy enables eligible buyers to purchase a new property, funded by an affordable mortgage 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 of a minimum 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 24th March 2012, first-time buyers can claim a relief from SDLT if the amount paid for the property is under £250,000
*Interest rate in the sixth year is 1.75% per annum payable on the amount funded originally. The rate will increase each year thereafter by 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 THESE MORTGAGES 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. HOW FIRSTBUY WORKS
