Q Who provides the contribution for FirstBuy?

There are two contributions: one from Berkeley and one from the Government. The contributions are made equally and secured by the second charges on your property title registered at the Land Registry.

Q How much can I spend?

The mortgage, together with any cash contribution from you, must be a minimum of 80% (usually a 75% mortgage and 5% deposit) of the full purchase price - the maximum full purchase price is set at £280,000.

Q Who can take part in the scheme?

FirstBuy homes are available to households who cannot afford to buy a suitable home on the open market and have a household income of less than £60,000 per annum.

To qualify for this scheme you might be for example:

• A first time buyer.
• A key worker.
• Serving armed forces personnel.
• Currently living in social or privately rented accommodation and want to move out.
• An existing homeowner whose family circumstances have changed.

Q Can I buy a home off plan?

Yes, you are able to reserve a Berkeley home off plan up to 9 months before completion. However, you cannot exchange contracts more than 6 months before the property is built. You also need to ensure that your mortgage offer is valid through to completion.

Q Will I have to pay Stamp Duty?

If completion is before 24th March 2012, first-time buyers can claim a relief from SDLT if the amount paid for the property is under £250,000

The Government's standard rules and procedures for Stamp Duty Land Tax (SDLT) apply to all FirstBuy purchases.

SDLT is payable at the time of completion, on the full purchase price of the home. That is, the amount paid by you (the first mortgage and any cash contribution) plus the value of the FirstBuy assistance.

There is no further SDLT to pay on any 'staircasing' repayments or repayment when the home is sold.

You should budget for SDLT on the full open market price of the property when you purchase a FirstBuy home.

Q Are there any restrictions on the properties that I can purchase?

FirstBuy only applies the specified plots at Royal Clarence Marina and Bersted Park

To ensure that growing families can access homes suitable for their needs, the purchase of a property with one bedroom more than your household's current need is permitted. This is assessed by your Local HomeBuy Agent as part of the eligibility approval process.

Q How long will it take before I can move in?

FirstBuy homes at Royal Clarence Marina may still be under construction and in common with most new home sales, you will be expected to arrange a mortgage and exchange contracts within 28 days of paying your reservation fee.

Your moving in date may depend on the time required to complete construction work, which will vary. Please ask our sales consultants for more information.

Q What happens if the completion of my home is delayed?

Once you have committed to buy a home (at exchange of contracts) Berkeley has agreed to build the home and keep you informed of progress. Your solicitor will be able to advice on Berkeley's contractual responsibilities before you agree to the purchase.

Q What are the interest payments?

The equity loans are interest free for the first five years. After that, you will pay a fee on each of the equity loans of 1.75%, rising annually by the increase (if any) in the Retail Price Index (RPI) plus 1%.

Q Who pays for repairs and ongoing maintenance to my home?

It is your responsibility to repair and maintain your home. Your home at Royal Clarence Marina will come with a 10 year guarantee that will cover certain defects after it was built. This guarantee only covers defects in Berkeley's workmanship.

Q Can I extend or alter the property?

Not without permission. Because FirstBuy is designed to help aspiring buyers into home ownership, you should consider repaying part or all of the Government's contribution before making plans for improvements or alterations.

Q Can I redeem my equity loan in part, sometimes known as "staircasing"?

The FirstBuy scheme allows you to repay all or part of your equity loan. A partial repayment is often called "staircasing'. Staircasing payments can be made at any time and must be a minimum of 10% of your home's prevailing market value – whether that value is more or less than when originally purchased. You may wish to check any additional criteria with your current lender.