Selected new homes are now available with the Government's FirstBuy initiative for first-time buyers at Taylor Wimpey developments of property for sale in Leicestershire, Derbyshire, Lincolnshire, Nottinghamshire, Northamptonshire and Peterborough.
Taylor Wimpey is set to help first time buyers onto the East Midlands 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 in search of new homes in Leicestershire, Derbyshire, Lincolnshire, Nottinghamshire, Northamptonshire and Peterborough 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 for the qualifying East Midlands property for sale. 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 of East Midlands new build properties:
DERBYSHIRE
Briars Chase, Ilkesto
LEICESTERSHIRE
Cedar Walk, Hallam Fields
LINCOLNSHIRE
Isaacs Place, Grantham
Oak Springs, Bourne
Roman Fields, Witham St Hughs
NORTHAMPTONSHIRE
Brooklands Meadow, Silverstone
Paddock Fields, Gretton
Southwood, Stanion
NOTTINGHAMSHIRE
Chaworth Gardens, Ravenshead
Lime Tree Gardens, Mapperley
Rufford Grange, Rainworth
PETERBOROUGH
Willowcroft, Eye Green
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.
See Also: Property News (0), Taylor Wimpey (0), Leicestershire (0), Derbyshire (0), Lincolnshire (0), Nottinghamshire (0), Northamptonshire (0), Peterborough (0), Briars Chase (0), Ilkesto (0), Cedar Walk (0), Hallam Fields (0), Isaacs Place (0), Grantham (0), Oak Springs (0), Bourne (0), Roman Fields (0), Witham St Hughs (0), Chaworth Gardens (0), Ravenshead (0), Lime Tree Gardens (0), Mapperley (0), Rufford Grange (0), Rainworth (0), Willowcroft (0), Eye Green (0)
Date Published: 29 July 2011
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