11 Oct

FirstBuy funding given to 41 developers

FirstBuy funding given to 41 developers

The initial funding pot for the FirstBuy scheme has been allocated to 41 different developers, housing minister Mark Prisk has announced.

Around £40 million is being handed out, while house builders are being encouraged to bid for a share of the remaining £240 million which will help thousands of people get on to the property ladder next year.

"FirstBuy has already proved hugely successful, providing a practical alternative to the Bank of Mum and Dad for thousands of first-time buyers across the country. The scheme has become a major player in helping people onto the property ladder and getting Britain building again - and I'm determined to maintain that momentum," he said.

By the end of March this year around 3,000 property sales had been completed by using FirstBuy, with a further 8,000 reservations lodged by the end of August.

The initiative sees the developer and government provide an equity loan of up to 20 per cent, allowing buyers to stump up a deposit of just four per cent and take out a mortgage of 76 per cent with more attractive repayment rates.ADNFCR-1222-ID-801467344-ADNFCR

Cookies We use cookies to ensure that we give you the best experience on our website. To find out more about our cookies policy, see our cookies policy here or in the footer.