Calling all first time buyers! Getting on the property ladder is a lot easier if you purchase a new build property. A recent report from the House Builders Federation (HBF)* has shown that it takes first time buyers in Bristol an average of 6 years and 7 months to save for their deposit, compared to just 2 years and 9 months a decade ago. However, by buying a new Taylor Wimpey home, purchasers can take advantage of a range of schemes and incentives which significantly reduce the size of the deposit needed, making it quicker and easier to buy your first home.
Taylor Wimpey currently has a number of developments in Bristol offering a wide range of homes and incentives designed to help purchasers make the move into a new home. The Government backed NewBuy scheme has seen an increase in the availability of 95% loan to value mortgages specifically for new build properties, meaning credit-worthy buyers may now only need to save a 5% deposit to secure their new home.
FirstBuy supports first time buyers who could not otherwise afford to buy because of the large deposits now required by many 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.
Richard Goad, regional sales and marketing director for Taylor Wimpey Bristol commented: "The idea that it takes first time buyers in the region an average of six years to save for a deposit is obviously extremely disheartening for many aspiring homeowners. But it's not all bad news. One of the many advantages of a new build property is that we can offer the incentives and flexibility which allow potential purchasers to buy their new home with much lower deposits, significantly reducing the length of time it takes to get onto the property ladder.
"We've had a fantastic response to schemes such as NewBuy and FirstBuy; in fact in 2012 we supported 1750 people across the UK buy a new home using the schemes. I'd urge anyone who wants to move but thinks they can't afford the deposit to visit one of our developments today. Our experienced sales advisors will be able to talk you through the options and incentives available and you could be moving into your dream home before you know it."
Taylor Wimpey's Blenheim Meadow development in Cheswick Village offers a selection of three and four bedroom homes priced from £209,995. At Elswick Park in Yate, buyers can choose from a range of one to four bedrooms homes with prices starting from just £119,995.
For further information about 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 (8693), Taylor Wimpey (2496), Blenheim Meadow (11), Cheswick Village (6), Bristol (47), Elswick Park (11), Yate (11)
Date Published: 21 February 2013