Aspiring home-owners rush to take advantage of FirstBuy
Orbit HomeBuy Agents have been flooded with enquiries from aspiring homeowners following the recent launch of the new ‘FirstBuy’ Scheme. FirstBuy is the latest in the range of government-funded ‘HomeBuy’ products; a range of initiatives which are designed to assist those who are struggling to buy a home of their own on the open market.
FirstBuy allows buyers to purchase a brand new home for a minimum of 80% of the market value. Equity loans of up to 20%, which are interest free for the first five years, are provided jointly by the house builder and the government. The initiative is expected to help thousands of buyers over the next two years and is open to those who have a household income of less than £60,000 a year who can provide a minimum of just 5% deposit and
In their role as local HomeBuy Agent for Norfolk, Suffolk, Bedfordshire, Cambridgeshire, Coventry, Warwickshire, Herefordshire, Worcestershire, Staffordshire, Shropshire, Birmingham, Solihull and the Black Country, Orbit HomeBuy Agents are working in partnership with a number of private developers who have secured funding for the FirstBuy Scheme and are gearing up for the first completions which are expected in the Autumn.
‘As soon as the news about FirstBuy was announced we started receiving enquiries and from our experience with previous HomeBuy products we know that for many, FirstBuy will be the only way they will be able to afford to buy a home of their own..’ said Karen Coleman, Head of Orbit HomeBuy Agents.
‘Products such as FirstBuy coupled with increasing mortgage availability mean that the opportunity to take that all important first step on the property ladder is now within the reach of many more people. Judging by the response we’ve seen so far we expect FirstBuy to prove incredibly popular and would therefore urge anyone interested in FirstBuy to get in touch with us as soon as possible.’
To find out more about how to apply for the FirstBuy Scheme, visit orbithomebuyagents.co.uk.