The door to ownership has been unlocked for first time buyers in Telford with the release of new homes under a Government-backed help scheme.
HomeBuy Direct offers buyers an interest-free equity loan for up to 30 per cent of the purchase price of their new home. It's already proven a success at Crest Nicholson's Lightmoor Green venture, where it's helped first time buyers in need of extra space to invest in a home of their own. Partly funded by the Homes and Communities Agency and Crest Nicholson, the equity loan is interest-free for the first five years.
Amanda Benjamin, area sales manager for Crest Nicholson, explained: "HomeBuy Direct has helped many buyers to step onto the property ladder and has been a real success at Lightmoor Green. I'm delighted that we now have a new phase of homes available with HomeBuy Direct as it makes home ownership much more affordable."
Eligible customers could find that they initially only have to pay £90,965 for a two bedroom home priced at £129,950.
Benjamin explained: "If your household income is less than £60,000, you're a key worker or you can demonstrate that your family needs to move to a larger property but you're being held back by financial constraints, you're likely to qualify for HomeBuy Direct.
"If you invest in a property through HomeBuy Direct, you will own your new home immediately but will initially only have to pay between 70 per cent and 85 per cent of the purchase price. After 12 months, you can start purchasing the remaining share in installments."
HomeBuy Direct is also available on selected family homes at Lightmoor Green. It means a property with three bedrooms, priced at £154,950 could be snapped up for an initial cost of £108,950, while you could pay as little as £115,465 up front for a four bedroom home priced at £164,950.
Lightmoor Green is Crest Nicholson's flagship contribution to Lightmoor Village, which is being created to the west of Telford. The new Crest Nicholson homes are in a prime position at the hub of the new village, while nearby Telford meets residents' shopping, work and leisure needs.
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