The FirstBuy shared ownership mortgage scheme is to be extended.
The Government has announced plans to extend its FirstBuy shared ownership mortgage scheme.
A £280 million FirstBuy extension has been announced by the Government which should give cash strapped would-be buyers increased access to shared ownership mortgage deals.
The FirstBuy extension forms part of new Government housing initiatives to assist more first time buyers to climb on the housing ladder.
The scheme was first launched in March 2011 with a £210 million cash injection from the Homes and Communities Agency. Initially the aim was to help around 10,000 first-time property buyers purchase a home.
As part of the scheme both the Government and builders offer the first-time buyer a 20% loan to increase their 5% deposit.
The addition of £280 million is to aid a further 16,500 low deposit first time buyers. Through shared ownership many first timer buyers are finding they can afford to climb on the property ladder.
Buyers must have a shared ownership mortgage to purchase shared equity property. Several products are currently available but deals tend to be slightly more complex than a straight forward repayment deal.
If you want advice on shared ownership mortgages you are advised to call Deal Direct. Our skilled advisers are up to date on all mortgage products and can help you to source the right deal perfectly matched to your needs.
If you are looking for a mortgage call Deal Direct today.
