22 Jun

FirstBuy scheme to offer help with buying property for sale in Brighton?

FirstBuy scheme to offer help with buying property for sale in Brighton?

First-time buyers seeking property for sale in Brighton are being encouraged to seek assistance with property investments under the government's new FirstBuy scheme.

Over 100 homebuilders have signed up to the strategy, announced by the Department of Communities and Local Government earlier this week, which is intended to help new buyers get their first foot on the property ladder.

The government will collaborate with homebuilders to offer a 20 per cent equity loan, to help prospective buyers to apply for a 75 per cent mortgage on their chosen property where securing approval for finance can prove difficult.

Borrowers will be required to provide the remaining five per cent deposit themselves.

The intention is for the loan to be recouped when the property is sold at a later date, perhaps through an estate agent in East Sussex or another English county where the scheme is being offered by homebuilders.

Communities minister Grant Shapps explained: "Over the next two years, this will help as many as 10,000 people in England to get that much-needed deposit together and realise their dreams of owning their own home."ADNFCR-1222-ID-800590157-ADNFCR

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