Attempting to purchase a house is no easy task, especially if it will be your first mortgage since you do not have any previous equity or credit to your name.  With the credit crunch and the increasing cost of daily life, it may seem as if owning a home is out of reach which is why the Government now provides the first time buyers initiative.

In order to qualify for the first time buyers initiative you must reach certain requirements such as earn low enough wages and be employed as a key worker in fields such as nursing or teaching.  If you eligible then you will be able to purchase a newly built house that was specifically designed for first time buyers and will receive a share of the property value from the Government.

The HomeBuy scheme is provided by the Government’s Communities and Local Government Department.  If you qualify for the first time buyers’ initiative, you will be responsible for 50% of the property’s value, which can be a mixture of your own down payment and a mortgage.  The higher the deposit you are able to produce the more you increase your chances of receiving a mortgage.

The leftover 50% of the property value is paid by the Government on your behalf.  They then are entitled to receive 50% of the home value when you sell it, unless you are able to purchase back the shares from the Government.

After three years of residing at the property it is your responsibility to pay back 1% per annum of the amount that the Government lent for your home.  The percentage will increase over every year but is capped at 3% for the first five years of residency.