Buyers can use the First Buy scheme to purchase a new home at Taylor Wimpey's Willow Lake development in Milton Keynes with a deposit of just 5 per cent.
There is a choice of two bedroom apartments for sale at Taylor Wimpey's new development. A two bedroom, first floor apartment can be accessed by a first time buyer for 80 per cent of its £135,000 full purchase price - £108,000.
Steve Rolt, regional sales and marketing director for Taylor Wimpey, says: "With First Buy, qualifying customers can own a brand new home at Willow Lake with a deposit of as little as 5 per cent - that's just £6,750, subject to status - and receive an equity loan covering 20 per cent of the purchase price of their new home, enabling them to gain a 75 per cent mortgage without having to save a large deposit.
"This means anyone choosing a first home under this scheme can take advantage of amazing lower monthly repayments under First Buy."
Two bedroom apartments currently available with First Buy at Willow Lake each feature an open plan kitchen, lounge and dining area, an ensuite master bedroom, another bedroom which could alternatively be used as a home office and a bathroom, plus an allocated parking space outside. Selected plots feature private balconies to living areas and master bedrooms.
First Buy works through a joint loan of 20 per cent from the Homes and Communities Agency and Taylor Wimpey, which 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 earnings should be less than £60,000.
All new homes at Willow Lake are being built to a standard that provides energy efficiency savings and each new property includes a fitted kitchen with integral oven, hob and hood.
Overlooking the picturesque Jubilee Lake on the southern edge of Milton Keynes, Willow Lake will feature a range of facilities on the doorstep including a primary school, a recreational park, a hotel and leisure amenities.
A supermarket, nurseries and schools, and a choice of pubs and restaurants can be found just a short distance away.
The A5 and the M1 are a few minutes' drive from the development and Luton Airport is 25 miles away. Services from Bletchley railway station to Euston put central London just over an hour away by train.
First Buy closed to new applications in April 2013. Click here for the latest incentives.
Some information contained herein may have changed since it was first published. SmartNewHomes strongly advises you to seek current legal and/or financial advice from a qualified professional.