FirstBuy is an equity loan scheme which will see the government join forces with Mount Wise to provide purchasers with a loan of up to 20% of the price of a new home. You will therefore only be required to put forward a 5% deposit to own 100% of a new property, at just 75% of the price. This loan is completely interest free for five years.

Should you sell the property then Mount Wise and the government will be entitled to a share of the sale proceeds equal to their percentage contribution.

For example, if you buy a one bedroom apartment at Mount Wise for £110,000, the government and Mount WIse will loan a deposit of £22,000 combined. You will need a deposit of £5,500 (based on a 5% deposit) and the remaining amount will therefore be £82,500.

There are some basic qualifying criteria to be deemed eligible for FirstBuy:

• Your household income must be less than £60,000
• You must not be able to afford a suitable home in the local area
• You must be a first time buyer (although you may be considered if you are looking to buy a new home after a relationship breakdown)
• The home is for yourself to live in – i.e not for rental
• You have a good credit history

This is a limited fund helping approximately 10,000 people across the country. We recommend registering as soon as possible to begin the qualification process. Don't miss out!

To register click here or call 01752 676633.

For full details of FirstBuy and the eligibility criteria please click here to download the Homes & Communities Agency's FirstBuy Buyers Guide. Alternatively click here to be taken to the FirstBuy page of the Homes & Communities website.

For more information about Mount Wise and the lifestyle it can offer please call 01752 676633 now.