Government help scheme for first time buyers in Milton Keynes

First time buyers in Milton Keynes can now benefit from a Government-backed help scheme designed to make buying a home of their own more achievable.

The FirstBuy scheme gives people with only a small deposit a helping hand to buy a home. It provides would-be home owners with an equity loan for up to 20% of the purchase price but buyers own their entire home from day one.

The new incentive is now available on selected brand new Redrow homes at Bletchley Park, in Bletchley.

Tonia Tyler, area sales manager for Redrow Homes (South Midlands), explains: “During the last budget our Government promised vital measures to help first time buyers to step onto the property ladder. They developed the new FirstBuy scheme to do just that.

“It makes buying possible for many who thought the credit squeeze had priced them out of the market. The initially interest free loan is jointly funded by us, the developer, and the Government. It means you can experience the joy of owning 100% of your first home but pay a smaller deposit and have lower monthly mortgage repayments.”

Who is eligible for the scheme?

You could quality for the FirstBuy scheme if you meet the following criteria:

you are a first time buyer (or want to return to home ownership) 
your household earnings are less than £60,000 a year

The scheme can be used to purchase one and two-bedroom apartments priced from £130,950 (initial outlay with FirstBuy just £104,760).

A deposit of 5% of the property price could be all you’ll need and the loan can be paid back when you have more funds available or come to sell.

“It’s perfect for those on lower incomes now who expect their salaries to rise over time,” Tonia said.

Situated in the quiet town of Bletchley, within easy reach of bustling Milton Keynes and just 45 minutes from the centre of London, the size of many of the apartments is equivalent to a two-bedroom house, making them feel light, bright and airy.

Redrow has set out to create generous apartments at its Bletchley Park development with floor space more akin to that found in houses. There are one-bedroom designs with 647 sq ft of living space and two-bedroom apartments with more than 900 sq ft to spread out in.

Availability of FirstBuy is limited so to find out more, visit redrow.co.uk.