First-time buyers get loan help

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FIRST-time buyers in Scarborough have been given a helping hand as grants are made available for new build sites in the town.

FirstBuy equity loans, created to help first time buyers get on the market, have been allocated to new builds in West Garth in Cayton, Muston Road in Filey and The Old Creamery in Whitby.

The loan can be provided for up to 20 per cent of the purchase price of the home, jointly funded by the Homes and Communities Agency (HCA), and the housebuilder.

The buyer will be required to provide a 5 per cent deposit, and be able to obtain a mortgage of 75 per cent of the purchase price.

Andrew Rowe, Scarborough Council’s housing manager said: “This is excellent news for people trying to get on the property ladder.

Currently first time buyers need to have deposits of around 20%, which has put owning a home beyond the reach of the majority.

“We welcome this new scheme which will give first time buyers a real opportunity to buy a brand new home.”

The Government has made available £180 million nationally for FirstBuy equity loans.