FirstBuy

FirstBuy scheme available on Persimmon homes

What is FirstBuy?

FirstBuy (also known as FIRST STEPS in London) is a government equity loan scheme to help first time buyers onto the property ladder. Use our search facility below to find new homes* with the FirstBuy scheme.

FirstBuy is aimed at helping military personnel, existing social tenants and other first time buyers onto the property ladder with a smaller mortgage deposit.

How many Persimmon homes will be available through FirstBuy?

Persimmon has been awarded the largest FirstBuy allocation of any housebuilder. This means we have nearly 2,000 new homes* available to buy using the scheme giving you the widest choice available - but hurry the FirstBuy homes are selling fast!

* Available on selected plots at 285 developments in England only, subject to status, terms and conditions.

Who is eligible for FirstBuy?

To qualify for FirstBuy, you must meet the following criteria:

Your household income is less than £60,000 a year
You are a first-time buyer, or a homeowner who needs to move because of a change in your family’s circumstances (in which case you must sell your existing property)

FirstBuy is backed by UK Government scheme HomeBuy

The FirstBuy scheme will give priority to:

First time buyers
Serving Armed Forces personnel
Social tenants - council and housing association tenants
Other locally defined priority groups
Private renters

How does FirstBuy work?

Use our search facility below to find one of our FirstBuy properties
Contact the development to arrange an appointment
You will need to raise a deposit of 5%
Persimmon willl lend you 10% and the Government will lend you 10% - the equity loan
You will then need to arrange a mortgage for the remaining amount (75%)
Once purchased, you will own 100% of your new home
No intrerest to pay on the equity loan for the first 5 years

FirstBuy purchase example:
House value	£200,000
Your deposit of 5%	£10,000
Loan from the Government	£20,000
Loan from Persimmon	£20,000
Your mortgage amount	£150,000
(Example for illustration only.)

Remember, our dedicated on site sales executives will be on-hand to provide help and support every step of the way. Contact or visit your nearest FirstBuy participating development for further information.

FirstBuy Buyers' Guide

Full details of the scheme can be found by downloading the Homes and Communities Agency FirstBuy Buyers' Guide (.pdf)

FirstBuy terms and conditions

Eligible applicants will be offered an equity loan of up to a maximum of 20% of the purchase price (based on the open market value). Persimmon and the Homes & Communities Agency will hold the second charge on the property. Applicants are required to fund at least 80% of the purchase price by means of a conventional mortgage, savings and any deposit where required. Applicants must obtain their conventional mortgage from a Qualified Lending Institution. For the first five years there is no fee charged on the equity loan component. At the start of year six a fee is collected of 1.75% of the market value of the property at the time the loan is entered into multiplied by the outstanding percentage under the equity loan, the annual fee of 1.75% will be uplifted by RPI +1% p.a. The equity loan is provided by the Homes and Communities Agency and developer as a second charge.

Participating developments

Listed below are our current locations and developments offering the FirstBuy scheme. Once you have found a new home that you are interested in contact or visit the development for further information. Remember that participating developments are being continually added to this list, so if we don’t have what you are looking for bookmark this page and visit regularly.

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Frequently asked questions

- Are there lots of hidden costs involved?
If you've never bought a house before you might wonder why you need a solicitor to help you. But...
- Read more
- Why buy a new home?
There are many reasons for buying a brand new home and some are explained in Reasons to Buy New....
- Read more

View more FAQs

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