How FirstBuy Works
With FirstBuy, you can buy a new home at Royal Clarence Marina with assistance from Berkeley and the Government in the form of an equity loan, up to a maximum of 20% of the full purchase price.
Only a 5% deposit required
Once you purchase a home through FirstBuy, you will have 100% title to your home and you can sell it on the open market without restriction.
Example*
Your new Home at Royal Clarence Marina | £140,000 | 100% |
Deposit | £7,000 | 5% |
Mortgage | £105,000 | 75% |
Equity loan | £28,000 | 20% |
Do I qualify?
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.
Benefits
- Buyers qualifying for the scheme will have the opportunity to select one of the FirstBuy properties at Royal Clarence Marina.
- Buyers will own 100% of their home by paying 80% of the value now, with both Berkeley and the Government equally funding the remaining 20%.
- Buyers only need to raise a minimum of 80% of the cost of the property through a combination of a mortgage and any deposit.
- The 20% equity loan will only become repayable after 25 years or when the customer sells their home, whichever is sooner.
- No interest for the first 5 years.
*Please note this is simply an example and figures may vary depending on individual circumstance.
