First-time buyers can now take advantage of the Government's FirstBuy initiative at Taylor Wimpey developments of new homes in Norfolk, property for sale in Suffolk, houses for sale in Cambridgeshire and property to buy in Essex.
Taylor Wimpey is set to help first time buyers onto the East Anglia 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 new homes in East Anglia 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.
Available on selected plots at Taylor Wimpey developments of property for sale in Norfolk, new homes in Suffolk, property to buy in Cambridgeshire and houses for sale in Essex, the loan is repayable at the end of the 25 year mortgage term or when the property is sold.
To be eligible, purchasers must have total household earnings of less than £60,000 and should be first-time buyers or not named on an existing mortgage.
Taylor Wimpey is offering FirstBuy on selected homes at the following developments across the region:
CAMBRIDGESHIRE
Knights Park, St Neots
Lion Mills, Soham
Papermill Lock, St Neots
ESSEX
Peninsula, Dovercourt
NORFOLK
Blenheim Grange, Carbrooke
Hunters Park, Costessey, Norwich
Kings Reach, Kings Lynn
Wellbourne Mews, Costessey, Norwich
Windmill Chase, Downham Market
SUFFOLK
Cedarwood Grove, Kesgrave
Concept, Newmarket
Stacy Dornan, 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."
Terry Fuller, Executive Director at the HCA said: "Thanks to FirstBuy nearly 2,000 first time buyers across the east and south east will be able to realise the dream of owning their home, while house builders will benefit from an additional source of sales, which will in turn give a much-needed boost to jobs in the development industry."
At Kings Reach in Kings Lynn for example, the 'Wensum' two-bedroom, two-bathroom apartment will be available to qualifying buyers with a 5% deposit of just £4,750 and a 75% mortgage of £71,245.
See Also: Property News (6701), Taylor Wimpey (1852), Norfolk (39), Suffolk (18), Cambridgeshire (36), Essex (75), Knights Park (11), St Neots (19), Papermill Lock (12), Lion Mills (13), Soham (11), Peninsula (13), Dovercourt (14), Blenheim Grange (8), Carbrooke (8), Hunters Park (11), Costessey (19), Norwich (21), Kings Reach (8), Kings Lynn (4), Wellbourne Mews (2), Windmill Chase (10), Downham Market (10), Cedarwood Grove (9), Kesgrave (7), Concept (9), Newmarket (4)
Date Published: 22 July 2011
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