FirstBuy

What is FirstBuy

FirstBuy is an equity loan scheme which offers help towards the purchase of a new build home on various developments across the Tees Valley and County Durham area.

Warning regarding unofficial websites promoting FirstBuy

How does it work?

If you are eligible, you will be offered an equity loan of up to a maximum of 20% of the purchase price based on the full market valuation of the property but will own the property outright. The equity loan is provided by the Homes and Communities Agency and the developer.

You will need to fund at least 80% of the purchase price via a conventional mortgage and a deposit. You must get your conventional mortgage from a qualified lending institution.

For the first five years there is no fee charged on the equity loan. At the start of year six an interest fee of 1.75% a year becomes payable on the original value of the loan (paid monthly). This rises after year six at RPI + 1% a year (please see the guide below for examples).

You can make part repayments, known as staircasing, after 12 months of ownership. When the home is sold, the equity loan is repaid as a percentage of the market value at the time of sale. So if you received a 20% contribution to purchase under FirstBuy you will repay 20% of the value when it is sold. Staircasing before the home is finally sold on will increase your share of the future sale proceeds.

For full details of the FirstBuy scheme, please download the following buyers' guide:

• FirstBuy Buyers' Guide

Click here to read about someone who has taken advantage of the FirstBuy option through HomeBuy.

 

Exclusively for teachers……No deposit required with FirstBuy.

For more information and to see if you’re eligible download our guide here or call The Teachers Building Society on 0800 378 669.

Please note, as more developers sign their FirstBuy contracts, more developments will be added so please keep checking!

The following developments are part of this scheme:

Darlington Area

Development	Developer	Location
The Pastures	Miller Homes	Darlington

Durham Area

Development	Developer	Location
Bishops Meadows	Persimmon	Bishop Auckland
St Andrews	Persimmon	Bishop Auckland
Westbury Park	Dunelm Homes	Bishop Auckland
Melrose	Taylor Wimpey	Bowburn
The Grange	Dunelm Homes	Bowburn
Glenside View	Bellway Homes	Chester-le-Street
Berry Edge	Barratt	Consett
Dales View	Yuill Homes	Consett
Dales View	Shepherd Homes	Consett
Fell View	Barratt	Consett
The Croft	Keepmoat	Consett
The Limes	Barratt	Coxhoe
Scholars Way	Keepmoat	Cramlington
Heather Lea Green	Miller Homes	Crook
The Paddocks	Keepmoat	Durham
Lynas Place	Bett Homes	Evenwood
The Meadows	Miller Homes	Framwellgate Moor
Langley View	Taylor Wimpey	Langley Park
Denewood	Yuill Homes	Murton
Fairfield Park	Taylor Wimpey	Murton
Glebe Court	Dunelm Homes	Murton
Cobblers Hall	Miller Homes	Newton Aycliffe
Shafto Court	Gleeson Homes	Newton Aycliffe
Saxon Park	Bett Homes	Peterlee
Beechwood	Barratt	Sacriston
Heritage Way	Dunelm Homes	Seaham
Hackworth Place	Gleeson Homes	Shildon
Bishops Green at DurhamGate	Yuill Homes	Spennymoor
Burton Woods	David Wilson	Spennymoor
Burton Woods at Whitworth Park	Barratt	Spennymoor
Thinford Gardens	Persimmon	Spennymoor
Whitworth Park	Bellway Homes	Spennymoor
Whitworth Park	Charles Church	Spennymoor
Orchard Meadows	Dunelm Homes	Stanley
Deerness Heights	Persimmon	Stanley Crook
The Ridings	Persimmon	Willington

Hartlepool Area

Development	Developer	Location
The Sidings	Barratt	Blackhall Rocks
Bishop Cuthbert	Bellway Homes	Hartlepool
Cecil Court	Yuill Homes	Hartlepool
Easington Road	Innovus Homes	Hartlepool
Headway	Taylor Wimpey	Hartlepool
The Hawthorns	Persimmon	Hartlepool
Westfields	Yuill Homes	Hartlepool
Southbeach	Bellway Homes	Seaton Carew

Middlesbrough Area

Development	Developer	Location
Acklam Green	Bellway Homes	Middlesbrough
Bridgewater View	Taylor Wimpey	Middlesbrough
Orchard View	Taylor Wimpey	Middlesbrough
Parkside Gardens	Barratt	Middlesbrough
Scholars Rise	Taylor Wimpey	Middlesbrough
Stainton Mews	Taylor Wimpey	Stainton

Redcar and Cleveland Area

Development	Developer	Location
Hunley Manor	Taylor Wimpey	Brotton
Kingschase	Persimmon	Redcar
Kirkleatham Grange	Bellway Homes	Redcar
Steeplechase	Times4Homes	Redcar

Stockton-on-Tees Area

Development	Developer	Location
College Gardens	Yuill Homes	Billingham
Centurion Fields	Dunelm Homes	Ingleby Barwick
Hazeldene	Persimmon	Ingleby Barwick
Stoneleigh	Persimmon	Ingleby Barwick
Kingsmoor	Miller Homes	Stockton-on-Tees
Meadow Rise	Barratt	Stockton-on-Tees
Meadow Rise	Keepmoat	Stockton-on-Tees
Nursery Gardens	Dunelm Homes	Stockton-on-Tees
Queensgate	Bellway Homes	Stockton-on-Tees
The Elms	Barratt	Stockton-on-Tees
The Elms	Persimmon	Stockton-on-Tees
Victoria Park	Persimmon	Stockton-on-Tees
Whitewater Glade	Persimmon	Stockton-on-Tees
Mandale Park	Keepmoat	Thornaby
Mandale Park Phase 2	Barratt	Thornaby
Thorntree Vale	Taylor Wimpey	Thornaby