Help to Buy has recently replaced FirstBuy - Visit our Help to Buy pages to find out more. FirstBuy could help you buy a new home with just 5% deposit
FirstBuy scheme is a Government backed equity loan scheme that means you need just 5% deposit to buy your first home. Here's what you need to know about FirstBuy: 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
The great news is that with only 75% of the property’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. You’ll also benefit from lower monthly repayments.
Interested? Why not at the participating development of your choice. You can also take a look at the video below for more details. request a viewing VIDEO Who can benefit from FirstBuy?
FirstBuy is a fantastic option if you, like many first time buyers, can afford the monthly repayments on a mortgage but are struggling to save for a deposit.
The average deposit is now a staggering £34,000 – a very large sum for anyone just starting out in life, in rented accommodation or still carrying a student loan. With FirstBuy you only need to save a 5% deposit.
Here's an example of how the FirstBuy scheme could work:
Value Purchase Price £100,000 Deposit £5,000 (5%) Equity loan £20,000 (20%) Mortgage £75,000 (75%) Your questions answered... 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.
at the development of your choice to discuss how we can help you buy with FirstBuy. Request a viewing
* Terms and conditions apply. 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