The Homes & Community Agency announces help for First Time Buyers to get ‘on the property ladder' with the new FirstBuy Scheme.
A new scheme called FirstBuy has been announced, including the housebuilders that will be taking part. A total of £210 million has been allocated during 2011 to 2013 to provide nearly 10,500 new homes for sale in England, with the first time buyer homes expected to be available for sale in September 2011.
FirstBuy works by offering a loan of up to 20% of the purchase price to help prospective buyers secure a property without having to raise the 20-25% deposit themselves. The 20% ‘equity loan' is provided by the Homes & Community Agency and the other half by the housebuilder.
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