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First-time Buyer Initiative (FTBI)

New Build HomeBuy Open Market Homebuy Social HomeBuy First Time Buyer London Wide

FTBI enables aspiring first-time buyers, who cannot otherwise afford to buy a home outright, to buy a minimum of 50% of a new home on a designated FTBI development. The government will hold the remaining equity of the home with buyers raising the mortgage and making repayments on the portion they own.

For the first three years of FTBI ownership there are no other payments to make on the portion of the home the buyer does not own.

After three years, buyers will pay a charge to the government (through a HomeBuy Agent) of 1% per annum on the equity they do not own. This charge rises by 1% annually reaching a maximum of 3% after five years in the property.

When owners sell their FTBI home, they will repay the government its equity. So if a buyer initially purchased a 75% stake in the property, 25% of the value will need to be repaid at the time of scale.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
There will be a separate fee for mortgage advice. The precise amount will depend on your circumstances, we estimate that the fee will be 0.46% of the amount borrowed. Please note that clients introduced through housing associations may not have to pay a client fee: however we will receive commission from the mortgage lender. The precise amount will depend upon your cirumstances.

SPF Sherwins is a trading style of Savills Private Finance Limited, which is authorised and regulated by the Financial Services Authority. FSA does not regulate buy to let or commercial mortgages or taxation advice. Approved and issued by Savills Private Finance Limited, 25 Finsbury Circus, London EC2M 7EE. Date Issued January 2007.

Savills Private Finance Limited is a subsidiary of Savills plc. Registered in England No. 3680970. Registered Office: 20 Grosvenor Hill, London, W1K 3HQ

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