FirstBuy is a new scheme which makes it possible for first time buyers to get on the property ladder even if they have very little funds for a deposit.
You could buy your first home with just 5% deposit.
You get to own 100% of your new home whilst having a 75% mortgage. The 20% remaining is given to you as an interest free loan which Lagan Homes provides in conjunction with the Government.
Here's an example:
House price £150,000
5% deposit from you £7,500
20% deposit as an interest free loan from us £30,000
Mortgage £112,500
The 20% deposit is an interest free loan for 5 years which you can decide to pay off over the 5 years or settle if you decide to sell your home. You'll pay 20% of the sale price.
FirstBuy is an excellent way for first time buyers who don't have enough deposit or equity in another house to enable them to buy. It means you can also have lower mortgage payments as you are borrowing less.
There are certain rules about who can and who can't take advantage of FirstBuy. This is set by the Government. For example, if your household income is more than £60,000 a year, you don't qualify.
Only a limited number of homes are offered with FirstBuy so, for more information, contact the Sales Advisor at any of our sales centres for more information.
