First Time Buyers Initiative (FTBI)
The First Time Buyers Initiative (FTBI) is part of the Government's new 'HomeBuy' low cost home ownership initiative and we are offering FTBI homes at an increasing number of our developments.
The way the FTBI works is simple. Eligible first time buyers purchase their brand new home from Countryside Properties with an affordable mortgage and with Government assistance. You have ownership of your home and take out an affordable mortgage for a minimum of 50% of the full purchase price through a normal lender. The Government then provides additional assistance to buy up to the full purchase price.
Your mortgage repayments will be your only outlay for the first three years of ownership. After this time, the Government (via a HomeBuy Agent) will charge a fee of 1% of the Government's contribution. This fee will rise to a maximum of 3% after five years in the property.
Staircase to full ownership
The FTBI is not only an affordable way of moving towards owning your own new home; it's also flexible enough to change with your personal circumstances. You can choose to repay the Government and increase your share of future sale proceeds, at any time.
The repayments are calculated at the current market value: this is called 'staircasing'. For example, you may want to increase your future share of sale proceeds from 50% to 60% of the value of your home. The minimum additional purchase is 10% of the market value. By taking advantage of this opportunity, you'll be taking real steps towards the benefits of full home ownership.
What if I want to move?
FTBI homes are also flexible enough to allow you to move home with the minimum of fuss. After the sale of your home, you'll simply repay the Government their % of the equity, based on the final sale valuation.
Eligibility
Approximately half the new homes planned under the scheme are being set aside for key workers such as nurses, teachers, fire and police officers. The remaining new homes will be made available to local residents who meet criteria identified by Regional Housing Boards.
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