First Time Buyers Initiative
What is it?
A new Government initiative funded by English Partnerships to provide affordable new homes for first time buyers.
Who qualifies?
Local authority and housing association tenants, households on a local authority housing register, key workers and other first time buyers given priority by the Regional Housing Board.
What do I buy?
An equity share of at least 50% of the property, dependent on individual circumstances. You may be able to purchase a share up to 75%. The unsold equity share will be registered as a charge on the property.
What else do I pay?
- All the costs associated with the initial purchase, including solicitor fees, mortgage lender fees, stamp duty (where applicable).
- All management and maintenance costs for the property.
- Charges which are based on the purchase price plus a 2.4% annual
increase compounded, regardless of market conditions and are as follows :-
- There is no charge payable on the unsold equity share in the first three years of owning the property.
- In year four a 1% charge is payable based on the equity loan provided.
- In year five a 2% charge is payable based on the equity loan provided.
- From year six onwards a 3% charge is payable based on the equity loan provided.
- You will also be responsible for all utility bills and for the local authority community charge.
Will I be able to own the property outright?
Yes, you may buy further equity, known as staircasing.
If you wish to buy further equity or sell the property, the value will be based on the current open market value at that time.
Your questions answered...
For more information about the First Time Buyers Initiative scheme, please refer to the document below:
See our Help pages for more information about how to view PDF documents.
How do I Apply?
Apply here today.
