The First-Time Buyer Initiative (FTBI) has been developed in partnership with the government to give extra assistance to those looking to buy their first home.

The scheme is aimed at first-time buyers, key workers, social tenants and those on a housing association waiting list who are able to pay a 5% deposit.

Under the scheme a first-time buyer can take out a mortgage for a minimum of 50% of the purchase price of a property, with the Homes & Communities Agency (HCA) paying the remaining amount direct to LPC Living. Unlike many shared equity schemes there is no rent or fees to pay during the first three years.

After living in the home for three years, buyers will pay monthly fees based on the amount contributed by the HCA. This means in the first years of home ownership buyers can spend their hard earned money on the things that make a home truly their own.

The HCA’s contribution is repaid when an owner decides to sell their home or at any time in between. For example, if the assistance was 25% of the purchase price, the owner would repay 25% of the property’s market value at the point of resale.

You can download the FTBI guide here or contact us for further details and our current availability.

Notes
Reduced purchase price based on the maximum assistance a qualifying buyer could secure from the First-Time Buyer Initiative (FTBI). 50% is the maximum government contribution. Some eligible buyers will qualify for lower levels of assistance. Eligibility conditions apply. When owners sell their FTBI home, they will repay the government’s contribution by way of a share of the future sales proceeds. If you are in any doubt seek independent financial advice. LPC Living cannot provide financial advice. This offer is only available on selected plots.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER LOAN SECURED ON IT.