What is the first time buyers initiative scheme?

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What Is The First Time Buyers Initiative Scheme?

The First Time Buyer Initiative allows First Time Buyers who have no deposit and limited income the opportunity to have a part share in a property. This scheme is made mainly for those First Time Buyers who can not afford to buy a home that would suit them on the open market. Under this scheme you will own 75% of the home and the government will own 25%. You will have to payback this 25% to the government when you sell your house. The downside with this scheme is that currently only a very limited number of lenders offer support for this sort of purchasing and also only a few housing associations are currently participating in the scheme, however this number will increase in time as the government is giving both the lenders and housing organisations more incentives.

To be eligible for this scheme you need to be earning a total household income of less than £60,000 a year. Most of the homes available under this scheme will be for those of you who are First Time Buyers and who are employed in one of the key employment categories (teaching, nursing, police, etc), and are available anywhere in England. Priority will be given to these key workers and existing council tenants, when applications are made for this scheme.The First Time Buyer Initiative lets you pay nothing for the part of the house that is owned by the government for the first three years, within this period you will only be paying for the mortgage. You can also choose to increase your share in the property at any time by buying more from the government. This will be purchases at a percentage of the current market value of your home. There is a minimum amount you can purchase this minimum is set to 10%.

To get details on participating housing associations you may want to contact the Housing Cooperation and they will assist you with the information. First Time Buyer Initiative homes are only available on designated developments where the government has an agreement with the house builder to offer First Time Buyer Initiative homes for sale. These will typically be smaller homes (up to 2 bedrooms) with larger homes sometimes available on selected schemes. To find out the nearest location of First Time Buyer Initiative homes in your area, you should contact your local HomeBuy Agent.

First Time Buyer Mortgages Frequently Asked Questions

What is the first time buyers initiative?	Am I ready to buy my first house?
What help is there for first time buyers?	Should I go for a 100% mortgage?
Should I borrow a high income multiple?	What decisions do I need to make?
What are the costs of buying a property?	What are the first time buyers risks?
How do I get a deposit for my new house?	What's involved in buying your first home?

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