FIRST time buyers could soon be in a better position thanks to a new government initiative that has hit the North East.

Time2Buy, the government’s HomeBuy agent for the Tees Valley and County Durham area, is set to offer FirstBuy as a new option for potential purchasers.

The Homes and Communities Agency has announced funding for nearly 2,000 FirstBuy units across the North East, Yorkshire and the Humber, which means there could be around 500 properties available through the scheme in the Tees Valley and County Durham area alone.

FirstBuy means first time buyers and those re-entering the property market could be offered up to 20% assistance towards the purchase of a new property. The first homes under the scheme are now on sale with more developments to be added over the coming weeks.

Emma Bingham, Manager of the Time2Buy team, said: “Following the success of HomeBuy Direct we are delighted to be able to offer the new FirstBuy scheme to local people who are struggling to get a foot on to the property ladder. This adds to the great range of schemes already available through Time2Buy.”

FirstBuy is a new product in the Government’s HomeBuy range, designed to help those struggling to buy a property to do so in a way they can afford. It is expected to help nearly 10,500 purchasers to buy a new home over the next two years.

FirstBuy is part of the Government’s wider proposals to boost growth by simultaneously stimulating demand, tackling supply-side barriers and supporting local priorities for supply. It is aimed at maintaining capacity in the housebuilding industry in the short-term while assisting deposit constrained first time buyers to realise their homeownership aspirations.

The Time2Buy team, a consortium made up of Fabrick Housing Group, Stockton Borough Council, Housing Hartlepool and Endeavour Housing Association, was chosen as an agent to deliver the Government’s HomeBuy schemes across County Durham and Tees Valley in 2009 and has since helped more than 600 people into home ownership.

A range of affordable home ownership schemes are available on a variety of different developments in the area. Options include equity loan schemes, shared ownership and rent to buy.

Time2Buy is the first point of contact for anyone interested in the HomeBuy schemes, first establishing whether applicants meet eligibility criteria before assessing their financial circumstances to ensure they can afford home ownership in the longer term.

Fully trained team members can help explain the range of schemes available, whether people are eligible to buy a property and how to apply.

On the Time2Buy website people who think they may not be able to afford a home can find out about choices within their means and search for available properties in the area in which they wish to live, or built by a developer of their choice.

Time2Buy can be accessed at www.time2buy.org.uk or by ringing 0845 6042942.
 

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