Affordable Homes in Hertfordshire

FirstBuy - Equity Loan

FirstBuy HomeBuy is an equity loan product designed to help First Time Buyers into affordable home ownership by purchasing a brand new property from a house builder/developer.

As this scheme is designed to be the first step onto the property ladder you cannot own another property or land in the UK or abroad.

An equity loan of up to 20% of the home's full market value will be offered to eligible applicants and is co-funded by the Government and the developer.

Applicants are required to fund at least 80% of the property purchase. You will require a conventional mortgage from a qualified lending institution and a minimum deposit of 5% to purchase a property through this scheme. Some of your savings will be required for legal fees and the rest will be required for your deposit.

The equity loan will be a 2nd charge on the property you purchase and will represent a percentage of the value of your property. The equity loan will be interest free for the first 5 years, from the 5th anniversary an interest charge of 1.75% will be payable on the equity loan. The interest charge will then increase annually by RPI + 1%.

For this scheme you must have a mortgage which will be a first charge as the equity loan can only be a 2nd charge.

The equity loan is for a maximum of 25 years or before if the property is sold or the mortgage is redeemed.

Independent Financial Advice

When you come to purchase a home through FirstBuy, applicants will be requested to obtain independent financial advice through a financial advisor who has knowledge of equity loans. The financial advisor will advise you on what is affordable and sustainable for you and what mortgage products are currently available for equity loans. You will need to supply proof of income and other documents to the financial advisor. We have a panel of Independent Financial Advisors who know the equity loan market and they are available for you to contact or you may use the developers/house builders' panel of Independent Financial Advisors.

Schemes in Hertfordshire with FirstBuy available:

Developer Web Address Location Development Name Contact Details
Barrat Homes www.barratthomes.co.uk Hemel Hempstead Mosaic House 01442 211366
Barrat Homes www.barratthomes.co.uk Watford Symonds Park 01923 679133
Barratt Homes www.barratthomes.co.uk Buntingford Kingfisher Park 01763 274153
Taylor Wimpey www.taylorwimpey.co.uk/FirstBuy/ Borehamwood Oaktrees 0845 072 6331
Taylor Wimpey www.taylorwimpey.co.uk/FirstBuy/ Watford Leggats Green 01923 681785
Taylor Wimpey www.taylorwimpey.co.uk/FirstBuy/ Welwyn Garden City Mirage 0845 026 3810
Kier Homes www.kierhomes.co.uk Broxbourne Acedemia 01992 462178
Dandara www.dandara.com Hemel Hempstead Image 01442 838120
Crest Nicholson www.crestnicholson.com Cheshunt Aldermere 0870 757 8192
Linden Homes www.lindenhomes.co.uk St Albans Mosaic 0844 488 3328
Bellway Homes www.bellway.co.uk Stevenage Chrysalis Park 0845 676 0251
Bovis Homes www.bovishomes.co.uk Hemel Hempstead Mulberry House/Aspen Park 01462 732526

REMEMBER YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED AGAINST IT.

HomeBuy Options