First time buyers can snap up a new home with just 5% deposit

A dream home is becoming a reality for more and more first time buyers – thanks to a Government initiative to help curb the cost of stepping onto the housing ladder.

Requiring just a five per cent deposit, the First Buy scheme has been designed specifically to support first time buyers.

The scheme allows eligible buyers to own 100 per cent of their new home but only pay as little as 80 per cent of the price/mortgage.

The remaining 20 percent is met through the Government and Linden Homes by means of a loan – repayable on the resale of the property.

And with a series of competitive mortgages currently available, there has never been a better time to buy.

The scheme is currently running across a number of Linden Homes developments in Grimsby, Market Rasen and East Yorkshire.

This means that through First Buy, first time buyers with a five per cent deposit could be paying as little as £103,995 for a new two-bedroom home.

Linden Homes marketing and connections manager Gizzy Murray said: “First Buy is a fantastic scheme, not least because of the mortgage rate that is offered – which is actually cheaper that the previous Home Buy Direct incentive.

“This means that is if your attempt in qualifying was turned down last time, there is a greater chance of being accepted this time around. First Buy is also available on the majority of our developments, allowing more customers to benefit.”

For more details, visit lindenhomes.co.uk.