FirstBuy a new home in Northamptonshire

New home builder Bloor Homes is offering first-time buyers an opportunity to buy a new home in Northamptonshire for an initial 80% of the full value of the property, under its new FirstBuy initiative.

The scheme allows purchasers to secure a new home at The Lanterns in Irthlingborough for an initial 80% of the full value of the property. The remaining 20% is paid by a shared equity loan funded by Bloor Homes and the Homes and Communities Agency.

Vanessa Macnee, sales director at Bloor Homes, comments: "This initiative represents an exceptional opportunity for a range of purchasers to access the property market in a premier new homes development. The Lanterns is an impressive new project which offers a wide range of properties that are perfect for modern living and suitable for a variety of buyers."

To be eligible, the applicant's household must earn less than £60,000 per year and be unable to finance a property in the area where they currently live or work. An equity loan of up to 20% of the property price will be provided meaning the purchaser only needs to arrange finance for the remaining 80%, which can be done by arranging a market rate mortgage in addition to the 5% deposit. The buyer can then purchase up to 100% equity of the property in instalments after they have moved in, or proportionally share the remaining equity of the house when it is sold at the current market rate.

Located midway between London and Birmingham, The Lanterns in East Northamptonshire comprises a range of three and four bedroom new build homes, with prices starting from £119,960.