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Pilot scheme for first time buyers launched

Published: Wed, 19 Oct 2011
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You will only need a 5% deposit to buy a home under the scheme
A woman moving out of a sold property
A £3.25million pilot scheme which aims to help first time buyers get a foot on the property ladder has just been launched.
The FirstBuy NI scheme can help first time buyers and returning homebuyers to get on the property ladder by providing help to buy a new build home on a shared ownership basis. The FirstBuy NI scheme is available on a first come first served basis. This is a pilot scheme and is due to be completed by the 31 March 2012.
With FirstBuy NI, purchasers with a five per cent deposit will be able to afford a new home on an 80 per cent shared ownership basis. This means that if buyers can pay the five per cent deposit on a new build home, Co-Ownership Housing will finance 20 per cent of the cost and the buyers can take out a 75 per cent mortgage on the rest of the property.
Rent on the part of the property owned by Co-Ownership Housing will be charged at the same rate as existing properties under the Co-Ownership scheme.
As their earnings increase over the years, the buyers can then buy the remaining 20 per cent equity share from Co-Ownership Housing, and own the property outright.
The FirstBuy NI scheme is a funding package which is available on a first come first served basis. This is a pilot scheme and is due to be completed by the 31 March 2012.