The new Government backed FirstBuy equity loan scheme has been designed to help first time buyers saving for a deposit to buy a brand new home.
Officially available from September 2011, aspiring First Time Buyers can register for the scheme from July 2011.
It works through a joint loan of 20% of the property price from the Government and the housebuilder, which means that buyers only need to put down a 5% deposit to qualify for a 75% mortgage.
Loans will be free of charge for the first 5 years and repaid when the property is resold. The maximum new home value under the scheme is £280,000 but this could increase to £300,000 in exceptional circumstances. The scheme is only available if you are a first time buyer and your household income is less than £60,000.
If this is your first new home you've bought then the process can seem daunting, but buying your first home is an exciting experience. There's lots to think about, so that's why our first time buyer section gives you information on the options available and the steps involved in the journey to owning your new home.
There are lots of ways to help First Time Buyers get onto the property ladder. For more information visit our special offers section that includes a range of services designed to get you moving.
Contributed by Helen Adams, Managing Director of www.FirstRungNow.com
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