FirstBuy scheme
Wednesday, 29 June 2011 08:44
Devonshire Homes are delighted to announce that they have been successful in their application for Government funding for the FirstBuy shared equity scheme.
The scheme was announced by the government in the budget this year and will provide funding to help primarily First Time Buyers get onto the property ladder.
Under the FirstBuy scheme The Homes and Communities Agency and Devonshire Homes will each contribute 10%, which forms 20% shared equity, the purchaser will put down a 5% deposit leaving them with a 75% mortgage. The shared equity loan is for a 25 year period and is provided as a second charge. This is an interest free loan for the first five years after which a fee is charged (this starts at 1.75%, full details are available on request).
Those eligible must meet the following criteria: Household income under £60,000; You are a First Time Buyer; You are a homeowner who needs to move because of a change in your family's circumstances (You must sell your existing property).
Priority will be given to: First Time Buyers; Serving Armed Forces Personnel; Social tenants.
Further information on the scheme will be made available in the next few weeks but participating current developments will be Moorhayes Park and Witheridge (specific plots will be announced in due course).
If you are interested in FirstBuy please register now: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
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Devonshire Homes Ltd
Pyramid House
Tiverton Way
Tiverton
Devon EX16 6TG
Telephone:
01884 251400
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