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Barnsley First-Time Buyers Get Funding Boost

Thursday September 8 2011

house for sale first time buyer house for sale first time buyer

FIRST-TIME buyers will be offered more than 400 brand new houses in Barnsley with an incentive scheme that reduces the deposit needed to buy them to just five per cent.

Barnsley Council announced yesterday that the town has secured a chunk of the £180m made available nationally from the government as part of the FirstBuy Scheme.

FirstBuy only applies to newly built housing and was launched to break the deadlock in the mortgage market which has seen the number of loans approved for first-time buyers collapse as lenders require larger deposits.

Seventeen new-build developments in Barnsley have been included in the scheme -  Barratt’s Hoyle Grange, Gateway Plaza, Keepmoat Homes’ Leslie Road (Kendray), Persimmon Homes’ Wentworth Grange and Strata’s Magenta development (Wombwell).

The scheme works by offering eligible buyers a 20 per cent equity loan, funded jointly by the Homes and Communities Agency and house builders. The equity loan in effect reduces the deposit required from the buyer to five per cent.

Coun Tim Cheetham said: "The opportunity presented by the FirstBuy scheme will not only provide a helping hand to first-time buyers, but will also help to support local economic growth by giving house builders the confidence to invest in developments in Barnsley.”

The FirstBuy scheme launches this month and is being administered by Plumlife (the government HomeBuy Agents for South Yorkshire).

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