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20/10/2011
£3.25m Scheme To Help First Time Buyers
A new scheme worth over three million pounds has been launched to help first time buyers get their foot on the property ladder and in turn boost the construction sector.
NI Social Development Minister Nelson McCausland has announced the FirstBuyNI pilot scheme aimed at helping new and returning homebuyers to buy new build homes.
The scheme will assist around 100 new and returning home buyers by reducing the amount of deposit they need.
With FirstBuyNI, purchasers with a 5% deposit will be able to afford a new home if they can obtain a 75% mortgage. The remaining 20% will be financed by Co-Ownership Housing, which administers the scheme.
As their earnings increase over the years, the purchasers can move to full home ownership by increasing their equity stake.
Nelson McCausland said: "FirstBuyNI is good news for people trying to get on the property ladder, especially at this time of financial hardship. In particular, new build properties often require around 20% deposit. This scheme will help people who would find it difficult to afford buying a new build house outright, to take their first steps towards home ownership.
"It is also welcome news for the construction industry in Northern Ireland. It is my hope that this scheme will stimulate the sale of new build homes and have a knock on effect of creating more jobs in a sector which has been badly affected by the slow down in the housing market.
"I would encourage all those thinking about buying a new build property to find out more about FirstBuyNI now. I also hope to make an announcement on substantial additional funding for affordable housing in the near future."
Alan Crowe, Co-Ownership Housing Chief Executive commented: "FirstBuyNI is a welcome initiative for Northern Ireland, helping today’s home buyers and is available on property up to £175,000.
Funding must be taken up before end of March 2012 and to find out more go to: www.nidirect.gov.uk/firstbuyni
(LB/BMcC)
NI Social Development Minister Nelson McCausland has announced the FirstBuyNI pilot scheme aimed at helping new and returning homebuyers to buy new build homes.
The scheme will assist around 100 new and returning home buyers by reducing the amount of deposit they need.
With FirstBuyNI, purchasers with a 5% deposit will be able to afford a new home if they can obtain a 75% mortgage. The remaining 20% will be financed by Co-Ownership Housing, which administers the scheme.
As their earnings increase over the years, the purchasers can move to full home ownership by increasing their equity stake.
Nelson McCausland said: "FirstBuyNI is good news for people trying to get on the property ladder, especially at this time of financial hardship. In particular, new build properties often require around 20% deposit. This scheme will help people who would find it difficult to afford buying a new build house outright, to take their first steps towards home ownership.
"It is also welcome news for the construction industry in Northern Ireland. It is my hope that this scheme will stimulate the sale of new build homes and have a knock on effect of creating more jobs in a sector which has been badly affected by the slow down in the housing market.
"I would encourage all those thinking about buying a new build property to find out more about FirstBuyNI now. I also hope to make an announcement on substantial additional funding for affordable housing in the near future."
Alan Crowe, Co-Ownership Housing Chief Executive commented: "FirstBuyNI is a welcome initiative for Northern Ireland, helping today’s home buyers and is available on property up to £175,000.
Funding must be taken up before end of March 2012 and to find out more go to: www.nidirect.gov.uk/firstbuyni
(LB/BMcC)
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17 May 2018
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Approximately 50 construction jobs are to be created as part of a £50million project to develop 900 new homes in Comber, Co Down. Northern Ireland homebuilders Hagan Homes has started construction work on the first phase of the 'Enler Village' site on the Newtownards Road, which includes the development of 17 new homes.
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04 December 2020
8,000 New Homes Needed Across Ards Area
NI Water has announced that the Ards and North Down area will need around 8,000 new homes by 2030. The company made the announcement at the Ards and North Down Borough Council meeting, to update representatives on infrastructure plans going forward and the level of investment needed for the Council area.
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NI Water has announced that the Ards and North Down area will need around 8,000 new homes by 2030. The company made the announcement at the Ards and North Down Borough Council meeting, to update representatives on infrastructure plans going forward and the level of investment needed for the Council area.
09 February 2004
NI house building on decrease
House-building activity in Northern Ireland decreased during the fourth quarter of 2003, according to the latest statistic from the National House-Building Council (NHBC). NHBC figures for the province reveal that a total of 2,094 applications were made to start new homes during the quarter, a decrease of 19% on the same period in 2002.
NI house building on decrease
House-building activity in Northern Ireland decreased during the fourth quarter of 2003, according to the latest statistic from the National House-Building Council (NHBC). NHBC figures for the province reveal that a total of 2,094 applications were made to start new homes during the quarter, a decrease of 19% on the same period in 2002.
05 November 2002
House building on the increase in Northern Ireland
House-building activity in Northern Ireland has increased by ten per cent during the third quarter of 2002, according to the latest figures from the National House-Building Council (NHBC).
House building on the increase in Northern Ireland
House-building activity in Northern Ireland has increased by ten per cent during the third quarter of 2002, according to the latest figures from the National House-Building Council (NHBC).
03 February 2009
Ulster Bank Extends No-Deposit Mortgage
Another 18 local property developers have signed up to the Ulster Bank's Momentum Mortgage scheme, which aims to get first time buyers back into the market by eliminating the need for a hefty deposit. Under the scheme, buyers are protected against house price volatility of up to 15%.
Ulster Bank Extends No-Deposit Mortgage
Another 18 local property developers have signed up to the Ulster Bank's Momentum Mortgage scheme, which aims to get first time buyers back into the market by eliminating the need for a hefty deposit. Under the scheme, buyers are protected against house price volatility of up to 15%.
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Northern Ireland WeatherToday:The day will be very windy with strong to gale force westerly winds becoming occasionally severe along the north coast. Sunny spells will be interspersed with scattered showers. Maximum temperature 8 °C.Tonight:West to northwest gale force winds, severe along the north coast, will continue overnight. Frequent showers persist, merging into longer periods of rain at times and turning wintry. Minimum temperature 1 °C.
