Fund to help first time buyers

Plumlife, the not for profit company responsible for delivering affordable HomeBuy schemes in Lancashire, is urging first time buyers in Rochdale to register early if they want to take advantage of the coalition government's new FirstBuy equity loan scheme.

Aimed at helping working people get a foot on the housing ladder, FirstBuy funding allocations have just been announced by the Homes and Communities Agency, and despite stiff competition from 124 house builders nation-wide, development bids in the Rochdale area have scooped a sizeable chunk of funding.

Seven new-build developments constituting nearly 170 homes have been awarded funding for the scheme. These include Taylor Wimpey’s Green Lane development in Heywood, Rowland Homes’ Healey Fold site, Persimmon Homes’ Heritage Place in Heywood and Barratt’s Kingsway homes.

FirstBuy is the brand new low-cost home ownership scheme aimed at helping working people get a foot on the housing ladder. Similar to the last government’s popular HomeBuy Direct initiative, it offers eligible buyers a 20 per cent equity loan, funded jointly by the Homes and Communities Agency (HCA) and house builders. The buyer needs only to come up with a 5 per cent deposit.

A total of £180m has been allocated to the scheme nationally, giving around 10,500 first time buyers the opportunity to fulfil their home ownership dreams. FirstBuy was first announced in March’s Budget as a new equity loan scheme specifically designed to help first time buyers meet the high deposit demands from lenders, while simultaneously supporting economic growth by giving house builders the confidence to progress developments.

The scheme will be available from September 2011, but Plumlife is already taking enquiries from people anxious to capitalize. A waiting list has been created by Plumlife to register interest ahead of launch.

As Matthew Harrison, deputy Chief Executive of Plumlife points out: “First Buy is good news for first time buyers, but nevertheless, funds are restricted and we need to make sure they are fully utilized.

“We’re delighted with the proportion of funding dedicated to Rochdale, and we plan to make it as easy and accessible as possible for first time buyers applying for the scheme.

“We’re planning all sorts of promo activity to raise awareness via our website, roadshows, advertising campaigns, videos on our You Tube channel, a Facebook page to name a few – so hopefully people will know exactly where to come to get help and advice on this latest home ownership product”

For information on FirstBuy and other HomeBuy schemes, go to www.plumlife.co.uk or call 0161 446 5050.