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First-time buyers' initiativeFirst-time buyers' initiative (FBTI) has set up to make it more affordable for first-time buyers to purchase a home, the aim is to make more affordable homes available to stop the trend of first-time buyers being priced out of the market. The scheme has been set up primarily for key workers, there are other eligible groups who may be entitled to join the scheme. The scheme focuses on newbuild homes distributed through the FTBI development this give you the ability to otain an affordable mortgage with some government assistance. English partnership delivers the FTBI scheme in conjunction with the Department of communities and local government's homebuy low-cost home ownership initiative |
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What is FTBISimilar to other government schemes where you buy a share of the equity in the property, FTBI runs along similar lines the only stipulation being you would have to do purchase and FPBI home. Those wishing to purchase an FPBI home would have to make sure the mortgage that they apply for is firstly affordable and together with any deposit should make up the minimum of 50% of the purchase price of their prospective home, the government will then make up the difference by assisting the buyer with the other 50% of the full property price. The government 50% will be paid directly to the housebuilder, the government will then be entitled to 50% of the properties valued if you were to sell on in the future. The home owner can reduce the amount owned by the government at any time by making extra payments, but this will be at the current market value, 10% is the minimum repayment allowed. The government will give the home owner a greater period of three years this means the owner does not have too pay anything back on the contribution made by the government for three years, after the three years the owner will start to repay the government plus an interest rate of 1% per annum this will rise to 3% within five years, after five years there will be no more increases on payments to the government. Half the number of homes made available through this initiative will go to priority groups that have been identified by the regional housing board the other half will be put aside for key workers i.e. police officers, teachers, nurses etc, these homes will be offered all over England. Key workers can apply if they have a total income of £60,000 or less, other eligible groups may have different limits set on them. |
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The first-time buyers' initiative buyers guide -- PDF (103 KB)
There are more than 50 FTBI schemes around the country, more details are available from My FTBI Home |
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