Get on the property ladder with FirstBuyNI
Thursday 20 October 2011
Northern Ireland's new affordable home ownership scheme was launched today by Housing Minister Nelson McCausland who has made £3.25m available to help local homebuyers purchase new build homes.
Alan Crowe, Co-Ownership's Chief Executive explains.
"FirstBuyNI is a pilot scheme from Co-Ownership Housing. Funded by the Department for Social Development, it aims to make more new affordable homes available on a shared ownership basis to eligible buyers priced out of the housing market. For new build homes only, it can help both first time and returning home buyers by reducing the amount of deposit they need to get on the property ladder."
"With FirstBuyNI, home buyers with as little as a 5% deposit could buy a new home on an 80% shared ownership basis.
- We contribute 20% of the purchase price.
- Your minimum contribution must be 80% of the full purchase price which can be made up from your mortgage and your cash deposit contribution and any other savings.
- You have the option to increase your share at any time."
"FirstBuyNI is available in Northern Ireland only and for a limited time.
- Funding must be taken up before the end of March 2012 so register your interest now to get an application form at www.firstbuyni.org."
Co-Ownership Housing is the single point of contact for FirstBuyNI:
- providing information to prospective buyers
- dealing with applications, assessing eligibility and affordability
- valuing the properties
- instructing solicitors to do the conveyancing work
- purchasing the property on behalf of the FirstBuyNI homebuyer and then sharing ownership with them.
To find out more about suitable properties and whether you might qualify as a FirstBuyNI homebuyer, visit the FirstBuyNI website at www.firstbuyni.org.
