FirstBuy scheme for First Time Buyers with Taylor Wimpey

FirstBuy Scheme– Helping First Time Buyers to buy a new home

First Time Buyers can now get on the property ladder with just 5% mortgage deposit.

Taylor Wimpey is working with the Government to offer the FirstBuy Scheme, which aims to help first time buyers into home ownership in a way they can afford.

Bringing First Time Buyer Mortgages within reach with the FirstBuy Scheme

All you need is 5% deposit with FirstBuy - much lower than the deposit most mortgage lenders usually require. FirstBuy could bring the dream of owning your own home within reach.

FirstBuy is a government-backed equity loan scheme which helps first time buyers like you onto the property ladder.

The FirstBuy scheme is also a great alternative to shared ownership because you own 100% of your home right from the start.

How does the FirstBuy scheme Work?

FirstBuy works like this:

• You put down 5% deposit
• The Government and Taylor Wimpey give you a joint loan of 20% of the purchase price of your new home
• You secure a 75% loan-to-value first time buyer mortgage
• You own 100% of your new home from day one

Here's an example of how it could work:

Questions

Who can qualify for the FirstBuy scheme?

To be eligible for the FirstBuy scheme, you must meet the following criteria:

• Your household income is less than £60,000 a year.
• You can put down a minimum 5% deposit on the home of your choice
• You are a first-time buyer, or a homeowner who needs to move because of a change in your family’s circumstances (in which case you must sell your existing property).
• Although the FirstBuy scheme is aimed at all first time buyers, priority will be given to Serving Armed Forces personnel, social tenants - council and housing association tenants and other locally defined priority groups

Will I get charged interest on the loan?

The loan is interest free for the first five years. 

Interest will be charged from the start of the sixth year of ownership. See terms and conditions* below for details.

When do I pay back the loan?

The loan is then paid back at the end of the 25 year mortgage term or when the property is sold.

Is there a maximum purchase price for properties bought through FirstBuy?

The maximum full purchase price of available properties for FirstBuy is set at £280,000.

Will FirstBuy get me a better mortgage rate?

With only 75% of your new home’s value to finance through a mortgage, you’ll have access to a wider choice of first time buyer mortgage products and more competitive interest rates.

How do I find out where FirstBuy is available?

We have FirstBuy available at Taylor Wimpey developments across England.

Search now using the drop down box below for new homes developments offering FirstBuy in your area.

What if FirstBuy isn't available in the area I'd like to buy a new home?

FirstBuy is only available at selected developments across England.

If you want to buy a new home in Scotland, Wales or an area that doesn't feature FirstBuy, then why not take a look at our other First Time Buyer initiatives - including our own great Shared Equity scheme Easystart.

Is FirstBuy available in London?

A similar scheme is available in London, under the name First Steps. Take a look at our First Steps page for more information.

I'm interested, so what do I do now?

Use our search facility below to find new homes developments offering FirstBuy in your area. Book an Online Appointment at the development of your choice to discuss how we can help you buy with FirstBuy.

* Eligible applicants will offered an equity loan of up to a maximum of 20% of the purchase price (based on the open market value) Applicants are required to fund at least 80% of the purchase price by means of a conventional mortgage, savings and any deposit where required. For the first five years there is no fee charged on the equity loan component. At the start of year six a fee is collected of 1.75% of the market value of the property at the time the loan is entered into multiplied by the outstanding percentage under the equity loan, the annual fee of 1.75% will be multiplied by RPI+ 1% p.a. The equity loan is provided by the HCA and Taylor Wimpey and held as a joint second charge. Terms and conditions apply and full details will be provided on request. This offer is subject and only available on selected developments and properties in England only. It is not offered with any other promotion. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE