The First Time Buyers Initiative aims to help eligible first time buyers to own a share of their own property on a designated FTBI development:

• You will need to raise a mortgage for a minimum 50% of the cost of the property



• The Government will hold the remaining share of the property



• For the first three years of FTBI home ownership there are no other payments to make on the portion you do not own



• After three years you will pay a charge to the Government of 1% per annum on the equity you don’t own. This charge rises by 1% annually reaching a maximum of 3% after five years in the property



• When you sell the property you repay the Government the share they own



• You also have the option of buying up additional shares in your home at any time. The minimum additional purchase is 10% of the market value.

Are you eligible?

First Time Buyers Initiative is available to:

Anyone who cannot afford to buy a suitable home on the open market and is a first time buyer

• with a maximum household income of no more than £60,000. Lower limits may apply to other eligible groups



• and access to savings or sufficient funds to cover the costs of buying which will include solicitor’s fees, stamp duty and, in some cases, a small reservation fee or deposit.

Around 50% of the homes will be for Key Workers. The remaining homes will be available to groups identified as priorities by Regional Housing Boards. Priority will be given to people currently in private rented or temporary accommodation.

What next?

Contact your local HomeBuy Agent for details of FTBI developments and how to apply. As HomeBuy Agent for East, North and West North we hold details of FTBI developments for these areas, click here to view details. The HomeBuy Agent for South London is Tower Homes, for more information on FTBI developments in this area contact them on 0845 230 8099 and selecting option 2 or by visiting Housing Options.

Test your eligibility here »