New 'FirstBuy' scheme to help thousands into home ownership

England’s largest HomeBuy Agent has welcomed today’s news that more than 100 House builders and Registered Providers have received funding allocations from the Homes and Communities Agency (HCA) to deliver the ‘FirstBuy’ Scheme.

The scheme is expected to assist nearly 10,500 buyers over the next two years and is open to those with a household income of less than £60,000 a year and who are able to provide a minimum of just 5% deposit.

FirstBuy allows eligible buyers to purchase a new home for a minimum of 80% of the market value and equity loans of up to 20% are provided jointly by the house builder and the government which is interest free for the first 5 years.

Orbit HomeBuy Agents will administer the FirstBuy scheme throughout Norfolk, Suffolk, Bedfordshire, Cambridgeshire, Coventry, Warwickshire, Herefordshire, Worcestershire, Staffordshire, Shropshire, Birmingham, Solihull and the Black Country and understand that hundreds of homes will be available under the FirstBuy Scheme throughout these areas.

‘As soon as the news about FirstBuy was announced in the March budget we started receiving enquiries and judging by the response we’ve seen so far we expect FirstBuy to prove incredibly popular’ said Karen Coleman, Head of Orbit HomeBuy Agents.

‘We have had over 150 enquiries about the scheme so far and are fully geared up to deal with the increased number of enquiries and applications that we expect to begin receiving shortly and look forward to delivering the allocations across our regions’

For more information or to register your interest in FirstBuy, visit: orbithomebuyagents.co.uk