A new property can become a reality for first time buyers with just a 5 per cent deposit at three Taylor Wimpey developments in Basingstoke, Hampshire.
Taylor Wimpey has introduced some initiatives at its Everest Park and Marnel Park developments in Popley, and at its Limes Park development at Park Village, to make it easier for buyers to get a foothold onto the property ladder.
Under the Easystart and HomeBuy Direct initiatives, homeowners can secure a new home with 5 per cent deposits and mortgages as low as 70 per cent of the full price - the remainder topped up with interest-free loans.
The Government-backed HomeBuy Direct initiative means qualifying first time buyers with a household income of less than £60,000 could pick up a two bedroom apartment at Limes Park priced £159,995 with an £8,000 deposit and a mortgage of just £112,000.
Taylor Wimpey and the Homes and Community Agency jointly fund the remaining amount through a loan, which is interest-free for the first five years and low interest for up to 20 years thereafter.
As an alternative, the Easystart plan enables qualifying first time buyers with a 5 per cent deposit to purchase a stylish studio apartment at Marnel Park priced from only £97,995 with an 80 per cent mortgage of only £78,400.
With the first 5 per cent put down by the customer, Marnel Park developer George Wimpey - part of the Taylor Wimpey company - provides an interest-free loan for the remaining 15 per cent, which can be repaid by the homeowner in up to three instalments over the 10 year loan period.
Easystart loans are also available at Taylor Wimpey's Everest Park development, where two bedroom apartments priced £139,995 can be purchased with 80 per cent mortgages from just £112,000.
Tim Betts, sales and marketing director for Taylor Wimpey's west London division, said: "Property prices are creeping upwards and we are beginning to emerge from the recession, so canny first time buyers should really look to take advantage of these exceptional incentives now, while mortgage rates remain low.
"If buyers use Easystart and HomeBuy Direct now to get on the ladder, they will be in a very strong equity position if house prices continue to rise - and there is every chance of that being the case."
All new homes at Marnel Park, Everest Park and Limes Park are finished to a high standard specification and include central heating, double glazing and a sophisticated fitted kitchen complete with integrated oven, hob and hood.
The developments occupy semi-rural locations to the north of Basingstoke town centre, yet with excellent road links to anywhere in town and within easy reach of North Hampshire Hospital and a good number of other local employers.
Basingstoke is home to bustling modern shops, good schools and exciting leisure activities, plus music venues, a choice of multi-screen cinemas, tennis courts, a leisure park, sports clubs, an ice rink, a swimming pool and bowling alleys. Festival Place shopping centre, meanwhile, provides an excellent range of stores, restaurants and cafes.
For commuters, Basingstoke station runs frequent services to London Waterloo in just 45 minutes, and the M3 is just a short drive away.
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.