| First Time Buyers Initiative |
| What is First Time Buyers Initiative? |
The First Time Buyers Initiative aims to give more people the opportunity to own their own homes by increasing the supply of affordable housing for sale. It is being delivered through English Partnerships, the national regeneration agency. |
| How does First Time Buyers Initiative work? |
It is a shared equity scheme that aims to help eligible first time buyers to buy a share in a new home. They must buy at least half of the property and English Partnerships will retain the rest.
After living in the home for three years, buyers will pay a charge to English Partnerships based on a percentage of the equity they don’t own. |
| Who is eligible for First Time Buyers Initiative? |
Around 50% of the homes will be for key public sector workers, such as nurses, teachers and police officers. The remaining homes will be available to groups identified as priorities by Regional Housing Boards.
For certain groups, the maximum household income should not be more than £60,000. Lower limits may apply to other eligible groups. Priority will be given to people currently in private rented or temporary accommodation. |
| What are the ongoing charges with First Time Buyers Initiative? |
There is initally no rent payable but a charge of 1% of the share you do not own becomes payable after 3 years. After three years this increases to 3%. This is paid in monthly instalments. The buyer is responsible for all management and maintenance costs. |
| How do I apply for First Time Buyers Initiative? |
Contact your local Homebuy Agent. |
| How do I raise a mortgage for First Time Buyers Initiative? |
Selected specialised products are available for First Time Buyers Initiative Schemes.
To request help with a mortgage click here. |
