George Wimpey is making affordable new homes available to qualifying buyers as part of the Government’s new First Time Buyers Initiative.

The First Time Buyers Initiative (FTBI)

FTBI is part of the Government’s new "HomeBuy" low cost home ownership drive and makes more affordable homes available to first time buyers trying to get a foot on the housing ladder.  

FTBI enables aspiring first time buyers who cannot otherwise afford to buy a home outright to purchase through an affordable mortgage, and with Government assistance, a new home on a designated FTBI development scheme.  The initiative offers an alternative to a traditional shared equity scheme as the first time buyer has 100% ownership of the property. The Government has a second charge on the property which gives it an entitlement to a future share of the property’s sale proceeds. This means that hard-pressed buyers can enjoy the benefits of home ownership but on a more affordable basis.

First Time Buyer Initiative worked example:

After 3 years a fee of up to 3% of the value of the government assistance will be payable to encourage the first time buyer to repay the loan by selling the property and moving on or by increasing their share of the future sales proceeds.

Am I eligable?

To check if your eligable to take part in this scheme view the The First Time Buyers’ Initiative Buyers’ Guide (PDF 217k) for further information.

Participating George Wimpey Developments

The following George Wimpey developments are providing affordable new homes as part of the Government’s First Time Buyers Initiative:

• The Parks, Bracknell, Berkshire
• Park 25, Redhill, Surrey
• Royal Mead, Swindon, Wiltshire
• Oakley Park, Swindon, Wiltshire
• Oxley Woods, Milton Keynes, Buckinghamshire
• The Bridge, Dartford, Kent
• Images, Ilford, Greater London
• Inspire, Wallington, Surrey
• Battledown Park, Cheltenham, Gloucestershire
• Campbell Square, Milton Keynes, Buckinghamshire