Military to advance on buyers’ aid

FirstBuy has been developed to help first time buyers.
FirstBuy has been developed to help first time buyers.

Armed Forces personnel are being urged to register their interest in the Government’s FirstBuy initiative following the announcement that they will get top priority on the scheme.

With a few weeks to go until the FirstBuy allocations are made public, first-time buyers wanting to take advantage of the scheme are being reminded they need to register their interest now to avoid disappointment.

More than 2,000 prospective buyers have already registered their interest in the scheme at – prior to the announcement of the allocation of applicable FirstBuy plots this month.

Mariana Knight, sales and marketing director for Persimmon Homes North Midlands, says: “It’s important that we pull out all the stops to give our brave Armed Forces a helping hand on to the property ladder and it’s only right that they are at the top of the list to receive funding.

“However, in addition to military personnel, FirstBuy has been developed to assist a whole host of groups including existing social tenants and other first-time buyers. However, it’s crucial that any aspiring home owner who feels they could benefit from the scheme registers their interest immediately, via our website, to avoid missing out.”

FirstBuy, which was announced in the Budget on March 23, is aimed at helping first-time buyers on to the property ladder with a smaller mortgage deposit.

It is similar to the previous Government’s HomeBuy Direct Scheme, of which Persimmon Homes had the largest allocation (20 per cent) of all applicable plots in the country, assisting over 2,000 purchasers to buy their first home.

For buyers that do not meet the requirements of FirstBuy, which is expected to help 10,000 families on to the property ladder, Persimmon Homes also offers its own Shared Equity Scheme and homes that can be bought through the Kickstart II initiative.

FirstBuy will work by eligible applicants being offered an equity loan of up to a maximum of 20% of the purchase price (based on the open market value). The registered provider will hold the second charge on the property.

Applicants are required to fund at least 80% of the purchase price by means of a conventional mortgage, savings and any deposit where required.