First Time Buyers’ Initiative
Expired:
The First Time Buyer’s scheme is a shared equity loan scheme that is fairly outdated compared to the Help to buy Equity Loan scheme. It may still be possible to find a property with the First Time Buyer’s scheme, and you could contact your Local HomeBuy Agent, but alternatively you should look for available Help to Buy Equity Loan properties.
The First Time Buyer’s scheme is a shared equity loan scheme that is fairly outdated compared to the Help to buy Equity Loan scheme. It may still be possible to find a property with the First Time Buyer’s scheme, and you could contact your Local HomeBuy Agent, but alternatively you should look for available Help to Buy Equity Loan properties.
A first time buyer initiative is a scheme which gives a person 50 percent of the funding to purchase new build homes on certain developments. This scheme is offered by private developers on specific new property.
How it works
Once a person has found a home which offers the option of a first time buyers initiative, they must provide 50 percent of the market value of the property, the other 50 percent is made up by a government provided shared equity loan. No interest is charged on this loan for the first three years of its term, there after there is an interest of 1 percent which then is increased to a maximum of 3 percent after the property has been owned for five years.
