South West Homes

FTBi

What is First Time Buyers’ Initiative (FTBI)?

This option offers an equity loan of up to 50% towards the purchase of a newly built property on selected developments.

How does it work?

You buy a brand new home with a mortgage for a minimum of 50% of the market value of the property. The government then provides a shared equity loan to help you to buy up to the full purchase price. There are no interest charges for the first three years. After three years there is a fee of 1%, rising to 3% after five years in the property.

What are my options after buying through First Time Buyers’ Initiative?

You can buy additional shares at a later date until you own 100%. This is calculated in the current market value at the time that you purchase the additional shares.  If you wish to sell your property, the equity loan is repaid as a percentage of the market value at the time of sale.

What homes are available?

We ask all housing associations and developers to list their properties on our website.  You can search for a home in the area you wish to live here.

Where can I get more information?

Please download our brochure by clicking here.