• Open Market HomeBuy
• Social Homebuy
• New Build HomeBuy
• First Time Buyer Initiative

 

FTBI makes more affordable homes available to first time buyers priced out of the housing market.  It is part of the Government’s new “HomeBuy” low cost home ownership initiative and is available through HomeBuy Agents across England

 

It enables aspiring first time buyers, who cannot otherwise afford to buy a home outright, to buy a minimum of fifty per cent of a new home on a designated FTBI development.  Government will hold the remaining equity, with buyers raising a loan and making mortgage payments on their portion of the home. 

 

For the first three years of FTBI home ownership there are no other payments to make on the part of the home’s equity a buyer does not own.  After three years buyers will pay a charge to Government (through a HomeBuy Agent) of one per cent per annum on the equity they don’t own.  This charge rises by one per cent annually reaching a maximum of three per cent after five years in the property. 

 

Because it is made affordable, FTBI is a “stepping-stone” to assist buyers into full home ownership. 

 

When owners sell their FTBI home, they will repay Government its equity.  So if a buyer initially purchased seventy-five per cent it will repay the Government twenty-five per cent of the value at the time they sell.  A HomeBuy Agent will recover the Government’s repayment. 

 

FTBI homeowners can also choose to increase their equity share at any time by purchasing more equity from the Government at the current market value.  The minimum additional purchase is ten per cent of the market value. 

 

Anyone who cannot afford to buy a suitable home on the open market and is a first time buyer can apply. 

 

Key workers as defined by Communities and Local Government and listed in the Capital Funding Guide (see below)

 

First time buyers working in their local area and contributing to the economy are eligable as are those in need of help due to a relationship breakdown.

 

For certain groups, a maximum household income of approx £40,000 will apply.  Lower limits may apply to other eligible groups. 

 

As well as being in an eligible group to purchase, applicants for FTBI homes must be able to demonstrate access to savings or sufficient funds to cover the costs of buying which will include solicitor’s fees, stamp duty and, in some cases, a reservation fee or deposit. 

 

The initiative is starting now with the aim of making FTBI homes available nationally over the next four years.  Homes will be available to purchase on developments in Pudsey and Leeds city centre from1st February 2007, go to the links below for more information (coming soon).

 

First time buyers and others should contact the my4walls sales team to make an application and find out more about availability of FTBI homes in their area. 

 

 

 

 

Clinical NHS staff (with the exception of doctors and dentists);
Teachers and nursery nurses in schools and further education/sixth form colleges;
Police officers, Community Support Officers and some civilian staff;
Prison Service staff in certain prisons
Firefighters and other uniformed staff below principal level in Fire and Rescue Services.
Regular armed service personnel (i.e. regular service personnel, including Military Provost Guard Service, in the Navy, Army and Air Force);MoD Police Officers; and Uniformed staff in the Defence Fire Service
Probation Service staff;
Social workers, nursery nurses, educational psychologists, and therapists (e.g. occupational therapists) employed by local authorities, CAFCASS or the NHS;
Local Authority Planners
Connexions Personal Advisors employed by a local authority or a Connexions Partnership.
Qualified Environmental Health Officers/Practitioners who work in a local authority, government agency, NHS or other public sector agencies
Highways Agency Traffic Officer staff in safety critical roles within the Traffic Officer Service