A FirstBuy Prospectus has been published by the Homes and Communities Agency (HCA), setting out more detail on the new equity loan affordable home ownership scheme announced in the Budget, as well as inviting house builders to bring forward developments for consideration.
Backed by £210 million Government funding through the HCA, FirstBuy offers an equity loan - up to 20% of a property's value, jointly funded by the HCA and the house builder - to help first time buyers who could not otherwise afford to buy a home of their own.
The scheme will help over 10,000 buyers during the next two years, while supporting economic growth by giving house builders the confidence to progress developments, with the first homes being available this Summer.
The FirstBuy Prospectus outlines the criteria against which the HCA will assess offers from house builders - deliverability, type of property, standards and price - and clarifies details for consumers, including the buying process and the role of Local Homebuy Agents in assessing potential buyers' eligibility criteria and their ability to sustain home ownership.
All house builders and Registered Providers are eligible to bid for FirstBuy funding without the need to be one of the Agency's pre-qualified Investment Partners.
The HCA will be seeking offers that include a good mix of one, two and three-bedroom homes, and intends to maximise the number of buyer completions by the end of March 2012.
The Prospectus is available to download from the HCA website, with the deadline for receipt of offers being 19 May.