First Time Buyers’ Initiative
The First Time Buyer’s scheme is a shared equity loan scheme that is fairly outdated compared to the Help to buy Equity Loan scheme.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.