As part of our commitment to first time buyers, we will be accepting applications submitted under the FirstBuy scheme on all of our standard mortgage products from today.
The FirstBuy scheme is designed to help first time buyers purchase a new build property, with funding provided by the government, the Homes and Communities Agency (HCA) and the builder.
All FirstBuy and equity share applications will need to be submitted on a paper basis with a completed equity share questionnaire. You can read our 'how to submit a case' guide here and download our equity share questionnaire.
Changes to our equity share criteria
To ensure that your clients can afford to pay their mortgage we will also be updating our equity share affordability criteria.
With immediate effect we will take into account the future repayments of all equity share loans. We will include 3% of the equity share loan as an outgoing in the clients affordability calculation.
All equity share loans will now need to be on a capital and repayment basis only. Please note that we can no longer accept equity share applications from Non EEA Nationals without indefinite leave to remain.
You can read our revised equity share policy here.
If you've got any queries about this change please call our Sales Support team on 0845 601 0763, or contact your local BDM.