Taylor Wimpey is set to help first time buyers across East Midlands onto the property ladder by offering the Government’s just-launched FirstBuy scheme on a range of brand new homes at its local developments.
FirstBuy, which was unveiled in the Chancellor’s Budget earlier this year, supports first time buyers who could not otherwise afford to purchase a place of their own because of the large deposits now required by mortgage lenders.
FirstBuy works through a joint loan of 20% from the Homes and Communities Agency (HCA) and Taylor Wimpey, which means that eligible purchasers only need put down a 5% deposit and obtain a 75% loan-to-value mortgage. The loan is repayable at the end of the 25 year mortgage term or when the property is sold. To be eligible, purchasers must be first time buyers and their total household earning should be less than £60,000.
Taylor Wimpey is offering FirstBuy on selected homes at the following developments across the region:
Briars Chase, Ilkeston Tel: 0845 026 4028
Cedar Walk, Hallam Fields Tel: 0845 671 3138
Isaacs Place, Grantham Tel: 0845 672 3828
Oak Springs, Bourne Tel: 0845 688 2060
Roman Fields, Witham St Hughs Tel: 0845 672 5237
Brooklands Meadow, Silverstone Tel: 0845 672 8439
Paddock Fields, Gretton Tel: 0845 671 3183
Southwood, Stanion Tel: 0845 688 1360
Chaworth Gardens, Ravenshead Tel: 0845 672 3949
Lime Tree Gardens, Mapperley Tel: 0845 672 3900
Rufford Grange, Rainworth Tel: 0845 072 6227
Willowcroft, Eye Green Tel: 0845 6728 423
Suzanne Irons, Regional Sales and Marketing Director for Taylor Wimpey, comments: “FirstBuy enables us to work closely with the Government to help more people in the region buy their first home. An increase in the number of first time buyers entering the market is also good news for those further up the chain.
“We believe that this scheme will make all the difference to those who can afford the monthly repayments on a mortgage but not the hefty deposit. With only 80 per cent of the property’s value to finance, buyers will have access to a wider choice of mortgage products and more competitive interest rates.”
Paul Spooner, executive director for the HCA Midlands, said; “Thanks to FirstBuy, 2,500 first time buyers in the Midlands area will be able to get a foot on the property ladder, while house builders including Taylor Wimpey will benefit from an additional source of sales, giving a much-needed boost to the development industry.”
At Cedar Walk in Leicester for example, the ‘Cayton’ two-bedroom apartment will be available to qualifying buyers with a 5% deposit of just £4,920 and a 75% mortgage of £93,476.
For further information on FirstBuy through Taylor Wimpey visit www.taylorwimpey.co.uk/FirstBuy