First Time Buyers' Initiative
What is First Time Buyers’ Initiative?
This option is offered by private developers on selected new homes.
How does it work?
You buy a brand new home with a mortgage for a minimum of 50% of the market value of the property. The government then provides a shared equity loan to help you to buy up to the full purchase price. There are no interest charges for the first three years. After three years there is a fee of 1%, rising to a maximum of 3% after five years in the property.
What are my options after buying through First Time Buyers’ Initiative?
You can buy additional shares at a later date until you own 100%. The cost of these is calculated on the current market value at the time that the additional shares are purchased.
If you wish to sell your property, the equity loan is repaid as a percentage of the market value at the time of sale.
Please ensure you read the full Buyers' Guide on FTBI. Click here for quick link to the Guide.
Am I eligible for HomeBuy?
Please click here to find out.
Click here to apply online!
Message for private developers
The Homes and Communities Agency have informed us that the programme for both HomeBuy Direct and for FTBI is now closed for developing organisations to join. Any queries should be emailed to the Homes and Communities Agency at HomeBuy.Direct-Enquiries@hca.gsx.gov.uk.
Alternatively the person enquiring should call the HCA's general contact number which is 0300 1234 500.
Your home is at risk if you do not keep up rent and mortgage repayments or payments on other loans secured on it.
Please note that the value of properties can go down as well as up.