First Time Buyer scheme for those without deposits

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First Time Buyer scheme for those without deposits

Post  DanAronG on Wed Oct 29, 2008 7:45 pm

There are lots of current schemes aimed at first time buyers, and one particular one I thought I would mention as it allows FTB's with no deposit the opportunity to buy a house.

It is called "my choice homebuy" and works as follows:

The individual can apply for an equity loan from the government for between 15% and 50% of the purchase price of a property. This loan is to be used as a deposit and comes at a very low interest rate (less than 2%).

The individual then gets a standard residential mortgage for the rest of the purchase price.

This essentially allows FTB's who don't have a deposit the chance to purchase a home.

Extra benefits of this schem are that, unlike many of the shared equity/ownership schemes available, you are not restricted to a property that is part of a development where a propertion of the homes have been set aside for affordable housing. In this case, you can buy a property of your choice (there will be a maximum value which varies between areas).

For further information, contact a good independent mortgage broker who will be able to assist you with the mortgage and should have more information on the various schemes available.

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No Initial Deposit Properties For Sale For First Time Buyers

Post  Gary Bennett on Tue Dec 02, 2008 12:36 am


We can help you find what you are looking for!

We are a One Stop Property Shop which includes Estate Agency.

We also work with local Estate Agents, Landlords and Sellers.

Why rent when you can buy?

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Independent Mortgage and Financial and Legal Services.

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Tel: 0845 9000 341 * local call rate

E- Mail:

Thank you for your time.

Gary Bennett

MD Chameleon Property Investments Ltd

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