Hard-pressed first-time buyers in Dorset could step onto the property ladder with no deposit, thanks to Wimborne-based Teachers Building Society and the FirstBuy scheme.
The local mutual is offering its FirstBuy mortgage to all buyers in the county (including all BH and DT postcode areas) for the first time.Teachers Building Society has a history of supporting FirstBuy and other affordable home ownership schemes and is one of only a few lenders providing a no-deposit option through the scheme. Their FirstBuy mortgage was previously available only to teachers nationwide.
With FirstBuy, eligible applicants receive an equity loan from the Government & developer of up to 20% of the purchase price of specific new build properties. Relevant sites in Dorset include the forthcoming Water’s Edge development in Wimborne and Abbey Meadow in Shaftesbury.
Alan Gravett, head of sales and marketing at Teachers Building Society, says “We’re delighted to be rolling out our FirstBuy mortgage to all buyers in Dorset. The FirstBuy scheme has already proven to be an ideal solution for many looking to take that vital first step on the property ladder. There are many buyers who could afford monthly mortgage payments but just can’t raise a deposit. The FirstBuy scheme could be the answer for local people in just that situation.
“House price rises in Dorset have long outstripped average earnings and so the need for us to step in with a scheme such as this is really acute.”
For more information about how to register for the FirstBuy scheme and details of relevant properties, visit South West Homes.