Following the recent announcement of a £280m extension to the popular FirstBuy scheme, Taylor Wimpey is once again set to help first time buyers get on the property ladder by offering the Government backed scheme on a range of homes across Bristol.
FirstBuy supports first time buyers who could not otherwise afford to buy because of the large deposits now required by mortgage lenders. It 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 now offering FirstBuy on selected properties at its Blenheim Meadow development in Cheswick Village and Elswick Park in Yate.
Blenheim Meadow currently offers a selection of three and four bedroom homes with prices starting from £239,995. At Elswick Park in Yate buyers can choose from a range of two, three and four bedroom homes. The two bedroom Newport coach house offers an open plan living space, en-suite to master bedroom and garage and is available for just £123,995 under the FirstBuy scheme.
Richard Goad, regional sales and marketing director for Taylor Wimpey Bristol, comments:
"We are delighted to be able to offer more homes through the FirstBuy scheme. It has understandably been incredibly popular with those who had previously feared that property ownership was well out of their reach. It really does make all the difference to those who can afford the monthly repayments on a mortgage but not the hefty deposit.
"We have had a fantastic response to the scheme, in fact 25% of this year's sales in the region have used FirstBuy. We know that the vast majority of these purchasers would not have been able to get onto the property ladder without the scheme and is a clear indication of both the scheme's popularity and its importance in getting the housing market moving.
"This new allocation of homes won't be on the market for long so I'd urge anyone interested to visit one of our developments today to make sure you don't miss out. Our experienced sales advisors will be able to talk you through the whole process and you could be moving into your dream first home before you know it."
For further information on the FirstBuy scheme and the properties available at Blenheim Meadow or Elswick Park, visit the sales and marketing suites open daily from 11am to 5.30pm
See Also: Property News (8660), Taylor Wimpey (2476), Blenheim Meadow (11), Cheswick Village (6), Elswick Park (11), Yate (11)
Date Published: 15 November 2012
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