FirstBuy
The Government-backed shared equity scheme has now launched and it could be your chance to own your first home with help from Harron Homes.
This great opportunity will help first-time buyers, like yourself, get onto the property ladder sooner than you thought. This scheme is suited to couples & families alike who are looking to purchase their first home and do not have a household income exceeding £60,000.
We will help you to secure a 20% FirstBuy Equity Loan (subject to eligibility) which means you may only require a 5% deposit, which could be as low as £4,150 if you are looking to purchase a new home priced at £82,995!
You will pay no interest for the first 5 years on your 20% FirstBuy Equity Loan if you do not sell or transfer your property during that time or in other specific circumstances†.
Here's how it works:
HARRON HOMES WORKED EXAMPLE
The Jaywick - Stylish 2 bedroom apartment priced at £82,995
| You arrange mortgage (75%) for: | £62,246 |
| Your deposit (5%): | £4,150 |
| FirstBuy Equity Loan (20%): | £16,599 |
| Total purchase price: | £82,995 |
So what do you do now..?
- You will need to apply to a HomeBuy Agent who will assess your eligibility to participate in FirstBuy - we can help by putting you in touch with them
- Pick your Harron home at any of our selected FirstBuy developments
- You will then need to apply for your first mortgage in the usual way - just ask our Sales Executives if you require any help or assistance with this
- Give details of your proposed purchase to the HomeBuy Agent, who will arrange funding*
- If approved, you will have to enter into the FirstBuy Equity Mortgage alongside your first mortgage
- You are then the proud new owner of a Harron home!
The FirstBuy Equity Loan, typically 20%, will be funded equally by Harron Homes and the Homes & Communities Agency (HCA). This loan is made available for 25 years, but will have to be repaid if you sell your property or pay off your main mortgage before then. Alternatively, you may make a part repayment of a minimum of 10% (5% Harron Homes / 5% HCA) at any time. The equity loan is charge free for the first 5 years, but charges commence at the start of year 6†. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT *Subject to status, terms and conditions apply. Harron Homes and the Homes and Communities Agency ("HCA") provide an equity loan for 20% of the purchase price of the property. Selected plots only. Mortgage lenders security requirements may vary. Prices and availability correct at time of print. † Further details are available on request.
