Patton Homes hosting information evening about FirstBuy NI scheme
21st Nov 2011
Award winning home builder, Patton Homes is hosting an information night on Thursday 24th November specifically aimed at first time buyers. Expert advice will be on hand at the very popular Phoenix Fields development at Railway Street, Ballymena to explain how the new FirstBuy NI Scheme can help homebuyers own their own property.
This scheme had just been launched, with £3.25million being made available to help first time buyers get a foot on the property ladder.
John Montgomery, Director, Patton Homes comments “This scheme is very welcome news to the house building industry and is another option for potential homeowners who are looking to get onto the property ladder. We are receiving a lot of interest in FirstBuy NI, which is why we are hosting this information night on Thursday 24th November at Phoenix Fields. FirstBuy NI would allow a homebuyer to purchase a home at Phoenix Fields with a monthly mortgage payment of just £293 per month! *
We believe that this represents great value for money and is a message that we want to share with house hunters in the market.”
Charlie Lynn from McAfee adds “This is an excellent opportunity within the current market for homebuyers to own their own home. The FirstBuy NI scheme has come along at the right time and is a good platform for people to get onto the property ladder. Please come along on Thursday night if you would like to find out more.”
The FirstBuy NI scheme can help first time buyers and returning homebuyers to get on the property ladder by providing help to buy a new build home on a shared ownership basis. The FirstBuy NI scheme is available on a first come first served basis. This is a pilot scheme and is due to be completed by the 31 March 2012.
With FirstBuy NI, purchasers with a five per cent deposit will be able to afford a new home on an 80 per cent shared ownership basis. This means that if buyers can pay the five per cent deposit on a new build home, Co-Ownership Housing will finance 20 per cent of the cost and the buyers can take out a 75 per cent mortgage on the rest of the property.
Rent on the part of the property owned by Co-Ownership Housing will be charged at the same rate as existing properties under the Co-Ownership scheme.
As their earnings increase over the years, the buyers can then buy the remaining 20 per cent equity share from Co-Ownership Housing, and own the property outright.
The FirstBuy NI scheme is a funding package which is available on a first come first served basis. This is a pilot scheme and is due to be completed by the 31 March 2012.
* Figures quoted are subject to status and lending criteria (correct November 2011).
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