Builder set to launch scheme to help first time buyers
FirstBuy, which was unveiled in the Chancellor’s Budget earlier this year, supports first time buyers who could not otherwise afford to buy because of the large deposits now required by mortgage lenders.
FirstBuy works through a joint loan of 20 per cent from the Homes and Communities Agency (HCA) and Taylor Wimpey, which means that eligible purchasers only need put down a 5 per cent deposit and obtain a 75 per cent 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 the total household earning should be less than £60,000.
Taylor Wimpey is offering FirstBuy on a selection of two and three bedroom homes at its Elm Tree Copse development in Keresley, Coventry.
Anne Wallace, regional sales and marketing director for Taylor Wimpey Midlands, said: “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 Elm Tree Copse, plot 11, a three bedroom Sailsbury can be purchased through FirstBuy for just £147,996 and a 5 per cent deposit of £7,400 and plot 10, can be yours for just £143,996 and a 5 per cent deposit of £7,200. Finally plot 3, a two bedroom Rothay, can be snapped up for just £107,996 and a 5% deposit of £5,400.
For further information visit Elm Tree Copse or call 0845 071 4597. For more information on FirstBuy through Taylor Wimpey log onto www.taylorwimpey.co.uk/FirstBuy