£1.1m to assist first-timer buyers

housebuilder Gleeson has been awarded £1.1m of funding under the FirstBuy scheme and will be allocating some of the cash to help first time buyers in Derbyshire.

Homes at Vale Croft, Bolsover, and The Brambles, Doe Lea, will be incorporated into the scheme.

It will mean first-time buyers will be able to purchase a property from as £79,996 under the FirstBuy scheme, which was announced by the Government in this year’s budget in March.

It seeks to help over 10,000 individuals in England buy a brand new home with a small selection of housebuilders in each region chosen to allocate the money.

Under the First Buy scheme, the Government and Gleeson will jointly provide a 20 per cent loan to top up first-time buyers’ own deposit of five percent. This will allow them to take out a mortgage for 75 percent of the property.

The 20 per cent loan is interest free for five years and lasts for the term of the mortgage.

Sarah Marsden, sales director for Gleeson Homes said: “We are delighted that we have been chosen as a provider of the FirstBuy scheme.”

It is expected that the first homes with FirstBuy at Vale Croft and The Brambles will go on sale in September but buyers are urged to visit the development and register their interest as soon as possible.