Government Launches FirstBuy Scheme

The Government has launched the new FirstBuy scheme, specifically designed to help those struggling to buy their first home due to the need for large deposits.

Through FirstBuy, the Government and housebuilders together will offer a 20 per cent equity loan, which alongside a five per cent deposit from the buyer will enable them to take out a 75 per cent mortgage on the rest of the property.

Loans will be repaid on resale of the property, with the Government’s share available for reinvestment in more affordable housing. The first homes are expected to come on stream in September this year.