FirstBuy
We understand that current market conditions and the need to provide a sizeable deposit are making it difficult for people to buy their first home.
The FirstBuy scheme is a government initiative providing an equity loan on certain new build properties in England, and is designed to:
- make more affordable homes available to first-time buyers
- boost the housing market by encouraging more transactions.
The scheme offers eligible applicants a mortgage for up to 80% of the purchase price - subject to approval. A deposit will not be needed if the equity loan provided through the scheme is the maximum 20%.
Further details can also be found in our FirstBuy leaflet
What should I do first?
In order to register for the FirstBuy scheme, contact your regional HomeBuy Agent who can:
- provide you with all the information you need
- give you details of relevant developments in your area.
In order to be eligible for the scheme, your total household income cannot exceed £60,000.
| Product Name |
Interest Rate |
Max % Property Value |
Arrangement Fee |
|
| FirstBuy 3 Year Discounted Variable Rate |
4.09% |
75% |
£799 |
More Details |
- Variable rate is discounted by 0.90% to 4.09% for the first three years then changing to our standard variable rate, currently 4.99% for the rest of the mortgage term
- The overall cost for comparison is 5.0% APR
- Daily interest
- Flexible features available - please see link at the bottom of the page
- An Arrangement Fee of £799 is payable with the application
- A valuation fee is payable
- £100 contribution towards NUT subscription
- Early Repayment Charges based on 5% of the amount repaid will be applied during the first three years but will be waived if the Society exceeds any Bank of England Base Rate increase. You can overpay by up to 20% of the loan outstanding per calendar year without charge
Read more about this product
Get in Touch
|
| FirstBuy 3 Year Variable Rate |
5.49% |
80% |
£799 |
More Details |
- Variable rate of 5.49% which is an additional 0.50% above the Society's Standard Variable Rate for the first three years then changing to our standard variable rate, currently 4.99% for the rest of the mortgage term
- The overall cost for comparison is 5.3% APR
- Daily interest
- Flexible features available - please see link at the bottom of the page
- An Arrangement Fee of £799 is payable with the application
- A valuation fee is payable
- £100 contribution towards NUT subscription
- Early Repayment Charges based on 5% of the amount repaid will be applied during the first three years but will be waived if the Society exceeds any Bank of England Base Rate increase. You can overpay by up to 20% of the loan outstanding per calendar year without charge
Read more about this product
Get in Touch
|
FirstBuy 3 Year Discounted Variable Product only: please note if we increase our Standard Variable Rate by more than the increase in the Bank of England Base Rate during the discounted period you won't have to pay the Early Repayment Charge if you want to leave or switch to another one of our products.
Find your local FirstBuy sites
PLEASE NOTE: Information about developments is changing all the time so please contact your local HomeBuy agent for the most up-to-date status of FirstBuy sites near you.
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Our mortgage consultants are ready to help you through the whole process, so call us today.
Before applying for a mortgage please make sure you read the relevant Key Facts Illustration. We will be happy to provide this upon request.
Please note that this mortgage is only available to educational professionals and people purchasing or remortgaging in the BH and DT postal areas.