Otters Bank

A fantastic new government-backed scheme making it easier than ever to make your move onto the property ladder. Now available on selected Bloor Homes developments...

Aimed at those who want to buy a new-build property but can’t afford the level of deposit currently required. FirstBuy* is the perfect way of owning your own home at one of our superb developments.

With a 20% top-up equity loan provided by the government and Bloor Homes this means first time buyers could take out a mortgage for just 80% of the full property value.

Make the move to a new Bloor Home in just a few easy steps:

Step 1 - Are you eligible for Firstbuy?

Our Sales Team is on hand to help you work out whether you qualify for FirstBuy*. Should you be eligible, we can then help organise an independent Financial Advisor who can talk you through the mortgage options available.

Step 2 - Make an application

After finding out you are eligible for FirstBuy, you now need actually apply for the scheme. You will receive written confirmation once your application has been approved.

Step 3 - Choose your new Bloor home

Once you have received confirmation that your application has been successfull, you are now free to select and reserve your chosen property. A reservation fee may be required at this stage (please see your Sales Advisor for details)

Step 4 - Approval

The next stage is to receive the authority to proceed with the purchase of your new home. At this point, you will also submit your full mortgage application and we will contact your solicitor.

Step 5 - Get ready to move!

Once you have a mortgage offer and valuation, you will then be able to exchange contracts for which your solicitor will be able to help with this final stage. All that remains is make the move into your new Bloor home.

For more detailed information, please click here to view the FirstBuy Buyers Guide...

Alternatively, if you would like to find out more specific information about FirstBuy on one of our participating developments, please call 01530 270100 or email hq@bloorhomes.com

As well as FirstBuy, we are also offering our own shared equity scheme, BloorHomesStart2*

*FirstBuy and BloorHomesStart2 schemes are only available on selected plots on participating developments, subject to contract, status & eligibility. Full terms and conditions are available from our Sales team. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP THE REPAYMENTS ON YOUR MORTGAGE

BloorHomesStart 2 is a new and exciting scheme by Bloor Homes, which gives you the chance to own 100% of your new home for an agreed percentage of the price now.

With this scheme, it has been shown that it can be cheaper to buy a brand new home rather than rent a property.

Particularly in the current market where the cost of houses is lower than it has been for some time, now is an ideal time to buy, as historically it has been known for properties to recover and increase to above their market value over a 5-10 year period.

Typical Example (based on 90% / 10%):

Purchase a typical Bloor Home priced at £205,000. You pay just 90% (£184,500) of the value at time of purchase. You then have up to 10 years to pay the remaining 10% balance at the current market value at the time of repayment.

This is secured by a second mortgage. i.e if the property is sold or transferred for £210,000 then 10% (£21,000) is payable to the company plus costs. Likewise if the property was to be sold or transferred for £200,000 then 10% (£20,000) is payable to the company plus costs.

BloorHomesStart 2 is not available with any other offers and is only available on selected plots on selected developments.

"The Property is 100% yours, this is not shared ownership"

Terms and conditions are available on request and any other loan arrangement must be made through Bloor Homes recommended Independent Financial Advisor.

Your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured on it.

* Subject to particular developments and applicants status.

** Offer available on selected plots - subject to applicant's status. A nominal reservation fee on exchange of contracts may be levied