Helping hand for buyers

First time buyers across Essex will be given a helping hand getting on the property ladder thanks to a government backed scheme called FirstBuy.

Residential developer Linden Homes and the government have teamed up to provide the FirstBuy initiative. They will jointly provide a loan of up to 20 per cent of the purchase price with first time buyers providing a deposit of only 5 per cent.

Buyers will then only have to secure a 75 per cent mortgage with lenders Halifax, Nationwide and Barclays are all signed up to the scheme.

FirstBuy is available to first time buyers with a combined income of less than £60,000 per annum. The FirstBuy loan will be interest free for the first five years with interest then charged at 1.75 per cent in year six, increasing with inflation plus one per cent each year after that. The loan term will be 25 years.

Mick Laws, managing director of Linden Homes Eastern, said: “Linden is delighted to take part in FirstBuy and this latest scheme compliments the wide range of initiatives we already offer to first time buyers to help them get on the property ladder, including East start and Family Bond.

“We have already seen a rush of interested buyers register for the scheme via our website and urge anyone to register as soon as possible as applications will be processed on a first come first served basis.”

The scheme is available to first time buyers at selected Linden developments across Essex from July with the first homes made available in September.

For more information call 0845 864 7210 or visit http://www.lindenhomes.co.uk/.