greenhouse

FirstBuy is a brand new government scheme designed to get first time buyers on the property ladder. It offers a joint loan of 20% of the property price from the Government and Citu (the developer of Greenhouse) which means you only need to put down a 5% deposit to qualify for a 75% mortgage.

This means that you could get onto the property ladder with a deposit as little as £5450 if purchasing a £109,000 apartment.

Greenhouse only has 9 apartments left available through FirstBuy, across a selection of 1, 2 and 3 bed homes. FirstBuy is available exclusively to first time buyers, and the remaining apartments are available on a first come, first served basis.

With the FirstBuy shared equity scheme you do not share the ownership of the property with anyone else. When you sell, the equity is shared between you and Citu. This means you would repay Citu 20% of the sale value and then benefit from any uplift of value in the remaining 80%.

To purchase a new home from us for £100,000 you would need to raise a deposit of just £5,000 and secure a mortgage of £75,000, the remainder of the purchase price would be covered by the shared equity loan. If you sold after 5 years you would repay us 20% of the sale value - £21,000 on a sale of £105,000 for example.

You can apply if you are a first time buyer with a household income of less than £60,000 a year. FirstBuy can also help people who have previously owned properties but are now unable to buy/move without assistance, for example in the case of relationship breakdowns or families who are over-crowded and need to buy a bigger home.