Taylor Wimpey is set to help first time buyers get on the property ladder by offering the Government's newly-launched FirstBuy scheme on a range of homes across Merseyside.
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% 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 the total household earning should be less than £60,000.
Taylor Wimpey is offering FirstBuy on selected homes at The Deck in Runcorn, Speakman Gardens in Prescot and Cunningham Grange in St Helens.
Sam Williams, regional sales and marketing director for Taylor Wimpey North West, 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."
Deborah McLaughlin, executive director North West at the HCA, said: "The response to First Buy has been tremendous and it is great news that we have been able to support Taylor Wimpey with this investment. It will give a timely boost to the house building industry and help first time buyers realise the dream of owning their own home."
At Speakman Gardens a two bedroom apartment can be purchased through the scheme for just £79,560 with just a £4,973 deposit. A one bedroom apartment at The Deck can be snapped up for just £58,360 and a deposit of £3,648, and at Cunningham Grange a three bedroom home for £123,960 just needs a deposit of £7,748.
See Also: Property News (6701), Taylor Wimpey (1852), North West (10), The Deck (7), Speakman Gardens (9), Cunningham Grange (5), Runcorn (8), Prescot (11), St. Helens (1)
Date Published: 13 July 2011
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