FirstBuy

What is FirstBuy?

FirstBuy is a government sponsored shared equity scheme designed to help those who couldn't normally afford to buy a home on the open market. With FirstBuy, you could own your own home with a deposit as little as 5% of the property's full market value.

How does FirstBuy work?

All you need is to have a deposit of 5% and raise a mortgage for 75% of the property's full market value. The remaining 20% will be provided equally by Notting Hill and the HCA. And then the home is a 100% yours.

Interest free for five years

The equity loans are interest free for the first five years. After that, you will pay a fee on each of the equity loans of 1.75%, rising annually by the increase (if any) in the Retail Price Index (RPI) plus 1%.

If you purchase a home through FirstBuy, you will have 100% title to your home and you can sell it on the open market without restriction, subject to the repayment of the equity loans.

Next steps

There are eligibility criteria to be considered. You first need to register with your Local HomeBuy Agent who will assess and approve your eligibility for FirstBuy. You need to be confirmed as eligible before you proceed with the buying process which is why we recommend you get in touch with your Local HomeBuy Agent as soon as possible.

FirstBuy Buyers Guide

Further details on all these points and the buying process are set out within the FirstBuy Buyers Guide:

Contact information

Our FirstBuy homes at The Meadows will be launching soon.

Please register now to avoid disappointment by calling our Meadows FirstBuy Sales Agents at 020 8357 4555 or email sales@themeadowshomes.co.uk