Help is on the way for first-time buyers who have been struggling to get a foot on the housing property ladder. Thanks to the new £250 million shared equity scheme, FIRSTBUY, announced in the Chancellor’s 2011 budget speech.

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The FirstBuy Programme is aimed at helping first-time buyers who are currently struggling to purchase their first home because they cannot raise a large enough deposit required by mortgage lenders. The government hopes that the £250m scheme, jointly funded with house-builders, will support up to 40,000 jobs in the construction industry and help at least 10,000 first-time buyers on to the property ladder.

Eligibility Criteria for the UK First-Time Buyers Scheme

The £250m FirstBuy assisted deposit scheme is restricted to newly-built homes and will be open to those with a household income of less than £60,000 a year. The initiative will only last for a year.

First-time buyers who are able to provide a deposit worth 5% of the property’s value will be eligible to apply to the Department of Communities and Local Government and house- builders for an equity loan worth 20% of the property value. This enables buyers to qualify for 75% loan-to-value(LTV) mortgage.

The equity loan will be interest-free for the first five years, with interest charged around 1.75% in year six, and will rise by 1% above inflation thereafter.

Our aim is to keep you up-to-date with the latest news regarding the first-time buyer scheme and to publish links to offers from house-builders.