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Bovis Homes completes first FirstBuy

Bovis Homes has completed its first mortgage using the government-backed FirstBuy scheme.

Yuan Phoon, 8 December, 2011

Bristol couple Michael and Maryl Steyn placed a 5% deposit and got a 75% loan to value mortgage using a 20% equity loan from the government and Bovis Homes.

FirstBuy is designed to get first-time buyers or those re-entering the market onto the property ladder.

The buyer has 25 years to pay back the equity loan of which the first five years are interest-free.

Michael Steyn said: "FirstBuy represented an affordable way for us to get onto the property ladder.

"Saving a deposit up to a minimum of 20-25% of the value of the property had been an extremely daunting prospect but FirstBuy gave us the opportunity to buy through the support of an equity loan, with only a 5% deposit needed from us."

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