SmartNewHomes

Are you a first time buyer struggling to make the move onto the property ladder?

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  • Well help is at hand as Taylor Wimpey has welcomed back its First Buy shared equity scheme to house hunters in Hampshire.

    Taylor Wimpey is now offering the Government-backed scheme at Alver Village in Gosport, Scholars Walk in Portsmouth and Wellington Park in Waterlooville, meaning buyers in the region can turn their dreams of home ownership into a reality.

    Fiona Creed, sales and marketing director for Taylor Wimpey's southern counties division, said: "First Buy provides a real lifeline for first time buyers who can afford the monthly repayments on a mortgage but are struggling to save for a big deposit, as they only need 5 per cent when using the scheme.

    "In addition, 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. If you're a frustrated first time buyer that's just about given up hope of getting onto the ladder, why not pay us a visit to find out more."

    Under First Buy, purchasers can own 100 per cent of their new home from Taylor Wimpey, after initially paying just 80 per cent of the full price, which includes a 5 per cent deposit and a 75 per cent loan-to-value mortgage.

    The remaining 20 per cent is made up of a joint loan from Taylor Wimpey and the Government's Homes and Communities Agency. The loan is repayable at the end of the 25 year mortgage term or when the property is sold. To be eligible for First Buy, customers must be first time buyers with a household income of less than £60,000.

    Alver Village currently has a range of three bedroom houses available, with prices starting from just £175,000 for the Moore design. And with only a 5 per cent deposit required under the First Buy scheme, buyers could secure this home with a deposit of just £8,750.

    Scholars Walk is currently offering a selection of two bedroom apartments, priced from as little as £137,000, meaning with First Buy you will only have to find a deposit of £6,850 and a mortgage for £102,750. While at Wellington Park in Waterlooville, first time buyers will find a range of one and two bedroom apartments available with a deposit of just £6,250 needed using the shared equity scheme.

    Some information contained herein may have changed since it was first published. SmartNewHomes strongly advises you to seek current legal and/or financial advise from a qualified professional.

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