One of the biggest housing associations operating in Brighton and Hove has started offering a government-backed helping hand to first-time buyers.
Moat is taking part in the First Buy scheme, offering tenants in Brighton and Hove a way to become home owners.
The scheme is targeted at those who cannot afford to buy a property outright.
Would-be buyers need to find a 5 per cent deposit towards the cost of a newly built home.
They buy at least 80 per cent of the market value of the property and Moat and the government provide up to 20 per cent.
The government has budgeted funding to help 10,000 buyers under the £250 million scheme this year and next.
Moat, which is behind part of the New England Quarter development in Brighton, expects the first completions to happen late this month (August) or early next (September).
Payback
The interest rates are cheap but there is a payback when those taking part in the scheme come to sell.
They will have to hand over a proportion of the profit equal to the equity – of up to 20 per cent – funded by the government and housing association.
Moat’s director of sales and marketing Marilyn DiCara welcomed the introduction of First Buy.
She said: “First-time buyers are struggling more than ever to get a foot on the property ladder so First Buy has come at the perfect time.
“It allows them to become homeowners without the pressure of a huge deposit or the difficulty of hunting down the right mortgage.
“We’re really pleased to continue to play our part in helping people to buy their first home.”
Anyone interested can register and complete an application at www.homebuyoptions.co.uk.
Preference will be given to council and housing association tenants and members of the Armed Forces followed by local authority priority groups.
