The social development minister has this week announced a £3.25m pilot scheme from Co-Ownership Housing to help first time buyers get on the property ladder. Nelson McCausland revealed that the FirstBuyNI pilot scheme is aimed at helping new and return home buyers purchase newly built homes reducing the amount of deposit they need to get on the property ladder.

If the prospective home buyers have a 5% deposit and can secure a 75% mortgage, Co-Ownership Housing will finance the 20% shortfall. The scheme hopes to help around 100 families purchase a home.

Properties up to a maximum of £175,000 will be available for purchase through FirstBuyNI and as the buyers’ earnings increase they can move to full ownership by increasing their equity stake.

The Co-Ownership Scheme has been running since 1978 and has helped more than 21,000 people purchase their home. Mr McCausland wants the scheme to help with the difficult first rung on the property ladder.

“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,” he said.

Funding must be taken up before the end of March 2012 so register your interest now to get an application form at www.firstbuyni.org.