Own your own home!

Want to get your foot on the property ladder but didn’t think you could afford it? The First Time Buyers' Initiative (download our FTBI PDF) is a government scheme designed to enable first time buyers to own their own home. It means that you can purchase a new home by combining a loan from the government (up to 50% of the property’s value) and a private mortgage.

We appreciate it’s difficult to understand what is exactly on offer and whether or not you are eligible. We also know there are lots of shared ownership products in the market at the moment, but with the FTBI you don’t have to pay anything on the government loan for the first three years, and it's interest free! After three years you will pay fees to the government on its contribution. You also have the option to increase your percentage share at any time. 

How FTBI works

For example, if you earn an annual salary of £20,000 you could receive a mortgage of £60,000 (three times your salary). If the full price value of the apartment you wish to purchase is £100,000 then you would get a mortgage for £60,000 and the government would pay the other £40,000. For the first three years you only make mortgage payments on your £60,000 mortgage. After three years you will pay fees to the government on its contribution: 1% after three years, 2% after four years and 3% thereafter. At any time you can choose to reduce all or part of the government’s entitlement by a process called ‘staircasing’, dependent on what you can afford.

Prices for an apartment at Sylvia, 3Towers, including a parking space, start from £48,500* (for a minimum 50% purchase on the FTBI) and are available to move into now.

Prices for a house at Chimney Pot Park start from £65,000* (for a minimum 50% purchase on the FTBI) and will be complete in early summer 2009.

Three easy steps to becoming a first time buyer:

1 Take a look at our two Urban Splash First Time Buyer Initiative projects where FTBI is currently available: Sylvia, 3towers and Chimney Pot Park and register on these pages for more details

2 Fill out an application form which can be found on the Homebuy agent, Plumlife’s website along with the full terms and conditions for the FTBI. Plumlife will assess your eligibility.

3 Once your application has been approved by Plumlife, you can then reserve an apartment or house of your choice with our sales team.

 

* Reduced price based on the maximum assistance a qualifying buyer could secure from the First Time Buyers’ Initiative. 50% is the maximum Government contribution. Some eligible buyers will qualify for lower levels of assistance. Eligibility conditions apply. When owners sell their FTBI homes, they will repay the Government’s contribution by way of a share of the future sale proceeds.