First Time Buyers' Initiative
What is First Time Buyers' Initiative?
First Time Buyers' Initiative is a shared equity scheme which offers help towards the purchase of a new build home on selected developments. There is a list of participating developments at the foot of this page.
How does it work?
Under the scheme, you can buy a new home on a first time buyers’ initiative development with an affordable mortgage and with government assistance.
You must take out a first mortgage, which, along with any cash contribution, must be a minimum of 50% of the full purchase price (note: not everyone will qualify for the full 50% assistance). Even with government assistance you will still own 100% of the property.
What are my options after buying through the scheme?
If you want to sell your property, you can sell your home on the open market but you must repay the government contribution at that time. If the government contribution was 25% of the full purchase price, you must repay 25% of the total value at the time of sale.
You can make part repayments, known as staircasing, at any time.
There are no charges on the loan for the first three years but at the start of year four, you must start to pay back the money monthly, at an annual rate of 1% after three years, 2% after four years and 3% every year afterwards.
For full details of the First Time Buyers' Initiative, please download the following buyers guide:
The following developments are part of this scheme:
Middlesbrough Area
| Development | Developer | Location |
|---|---|---|
| Middlehaven | Bioregional Quintain | Middlesbrough |
