First come first served for FirstBuy scheme

First time buyers wanting to take advantage of the Government’s FirstBuy initiative to get a foothold on the property ladder are being advised to register their interest in the new loan equity scheme now to avoid disappointment.

Persimmon Homes has launched a registration page on its website – persimmonhomes.com/firstbuy - prior to the announcement of the allocation of applicable FirstBuy plots in June, due to the unprecedented demand from first time buyers already looking for support, such as shared equity, to enter the property market.

FirstBuy, which was announced in the Budget on 23rd March, is aimed at helping first time buyers onto the property ladder with a smaller mortgage deposit. It is similar to the previous Government’s HomeBuy Direct Scheme, of which Persimmon Homes had the largest allocation (20 per cent) of all applicable plots in the country, assisting over 2,000 purchasers to buy their first home.

Steve Roche, group communications director for Persimmon Homes, says: “We recognise just how important first time buyers are in sustaining the property market and welcomed the announcement of the FirstBuy loan equity scheme.

“There will however only be a set allocation of plots that will be able to be bought through the scheme and, once these are gone, we are, at this stage, unsure whether any additional plots will be made available.

“It is therefore extremely important for people to mark their interest in the scheme prior to the specific allocations being announced to ensure that, in June, they are at the top of the list to benefit from the support.”

For buyers that do not meet the requirements of FirstBuy, which is expected to help 10,000 families get onto the property ladder, Persimmon Homes also offers its own Shared Equity Scheme and homes that can be bought through the Kickstart II initiative.