First Time Buyers

As a first time buyer, you may be eligible for the FirstBuy scheme.

This is a joint initiative run by Gillcrest and other house builders and the Homes and Community Agency (HCA) with the aim of assisting first time buyers on their first steps of the property ladder.


The 'FirstBuy' scheme is a shared equity arrangement where you can apply for a first time buyer loan of up to 20% of the purchase price of a participating property.

If a buyer is eligible for FirstBuy they are required to raise funding (a mortgage plus a minimum of 5% deposit) of at least! 80% of the purchase price".

There is no interest in the first 5 years The interest rate in the sixth year is 1.75% per annum payable on the amount funded originally The rate will increase each year thereafter by Retail Price Index plus 1% per annum.

The buyer will own 100% of their home from day one and can sell it without restriction. provided they are able to repay the equity loans.

FirstBuy aims to support a purchaser to becoming the owner of their first home.

Who is eligible?

To benefit from !he scheme, the buyer is required lo meet the following criteria:

  • Be a first time purchaser (The applicant may not already be a home owner or named on a residential mortgage)
  • Have an annual household income of under £60 000
  • Demonstrate available funds to contribute a minimum cash deposit of 5% of the property's value; in addition to legal fees stamp duty and other costs of moving
  • Be able to secure a mortgage with an approved lender
  • Must have a good credit history
  • Have the ability to sustain long-term home ownership. This usually involves being employed on a permanent contract. If self-employed the Applicant will be asked lo provide accounts for the last three years

*Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. Check that these mortgages will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt seek financial advice.