Moat is moving forward with FirstBuy

Published by DeanW for Moat Homes Ltd in Housing

The teams at South East based housing association, Moat, are gearing up to deliver FirstBuy, the Government’s new equity loan option that is set to help over 10,000 first time buyers to get a foot on the property ladder this year and next. In its role as Local HomeBuy Agent for Essex, Kent and Sussex, Moat offers a range of HomeBuy options to assist people who cannot afford to buy a property outright. 

FirstBuy provides equity loans to help first time buyers purchase a new build home on selected developments. Purchasers buy a minimum of 80% of the market value of a property and provide a 5% deposit; and the Government and house builder provide a 20% equity loan between them. 

People interested should register for HomeBuy and complete an application at www.HomeBuyoptions.co.uk. From there onwards, Moat’s dedicated teams will process applications and assess eligibility for FirstBuy and other HomeBuy products to support applicants in becoming homeowners.

Moat is working in partnership with  a number of private developers that have secured government funding for FirstBuy. A large proportion of the funding allocated to assist 10,000 first time buyers is in the South East and the teams are racing ahead for the first sale completions to happen in late August or early September. 

Moat’s Director of Sales and Marketing, Marilyn DiCara, welcomed the launch of FirstBuy. She says; “First time buyers are struggling more than ever to get a foot on the property ladder, so FirstBuy has come at the perfect time. It allows them to become homeowners, without the pressure of a huge deposit or the difficulty of hunting down the right mortgage. We’re really pleased to continue to play our part in helping people to buy their first home.” 

There is high demand for FirstBuy and all HomeBuy options which means that applicants must be prioritised. The system gives people who are social tenants and MOD personnel equal first priority, followed by local authority priority groups, followed by all other first time buyers.