Parents won't have to break the bank to help their grown-up offspring to fly the nest thanks to the First Buy scheme at Taylor Wimpey's Reflections development.
With the rising property prices of the past decade and mortgage providers asking for hefty deposits, it's no surprise that many first time buyers are finding they're forced to stay in the family home because they can't get a foothold on the Essex property ladder.
Fortunately, Taylor Wimpey has introduced the fantastic First Buy scheme at its Reflections development of new homes for sale in Romford, Essex, to help these overgrown offspring fly the nest.
With a limited number of Romford apartments at this popular development now available under the government-backed initiative, parents could potentially get rid of the kids by providing a deposit of just £6,850.
Michael O'Leary, regional sales and marketing director for Taylor Wimpey, says: "Would-be homeowners are finding it increasingly difficult to take that all-important first step on the property ladder, so it's no surprise that increasing numbers of people are choosing to enjoy those home comforts for longer.
"Thankfully, with First Buy in Essex, qualifying purchasers can access their dream apartment at Reflections for just 80 per cent of the price tag - including a 5 per cent deposit, subject to status - which may well be considered a price worth paying for parents looking to help their kids to strike out on their own."
First Buy works through a joint loan of 20 per cent from the Homes and Communities Agency (HCA) 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.
For example, the fabulous Plot 33 one bedroom apartment, priced £136,995, can be purchased with a 75 per cent mortgage of just £102,746 and a 5per cent deposit of only £6,850, subject to status.
One bedroom apartments in 'Wave Court' feature a light and airy living room with dining area and open plan kitchen and access to an attractive private balcony.
A spacious bedroom, a main bathroom and a handy storage closet are also located off the private entrance hallway.
Alternatively, a choice of two bedroom apartments with ensuite master bedrooms and allocated parking to selected plots is available at Reflections from only £167,995.
Every Taylor Wimpey home at the development is being finished to a high standard specification, to include double glazing and a modern fitted kitchen with integral oven, hob and hood.
Reflections enjoys a fabulous position close to the heart of Romford, with The Mall and The Liberty shopping centres on the doorstep. Meanwhile, The Brewery retail and leisure centre offers a multiplex cinema, health and fitness club, bowling alley, restaurants and bars, in addition to Kidspace, Europe's largest indoor play area.
Just a short walk from the new apartments is Romford station, which puts London's Liverpool Street Station approximately 17 minutes away by train - and a wealth of theatres, bars, shops and thousands of jobs within easy reach.
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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.