Repayments

When you bought your home through the FirstBuy (FB) scheme your mortgage and any deposit you paid was set at a percentage of the total purchase price of the property. The financial help you received through the FirstBuy (FB) scheme made up the remaining percentage of the property value.

If you sell your home you must repay the FirstBuy (FB) loan. The amount you pay back will be calculated on the sale price of your property. It will be calculated by multiplying the sale price of the property by the percentage of the property the FirstBuy (FB) loan is worth. For example if you bought your home with a 75% mortgage and a 5% cash deposit you will of received help on 20% of the purchase price of the home. When you sell (if you have made no other repayments) you will need to repay 20% of the amount you sell your home for. This is known as a repayment. If you want to repay the loan without selling your home please see the section on staircasing.