Taylor Wimpey is set to help first time buyers across Bedfordshire and Hertfordshire onto the property ladder.
Taylor Wimpey is set to help first time buyers across Bedfordshire and Hertfordshire onto the property ladder by offering the government's just-launched First Buy scheme on a range of brand new homes at its local developments.
First Buy, which was unveiled in the chancellor's Budget earlier this year, supports first time buyers who could not otherwise afford to purchase a place of their own because of the large deposits now required by mortgage lenders.
First Buy works through a joint loan of 20 per cent from the Homes and Communities agency (HCA) and Taylor Wimpey, which means that eligible purchasers only need put down a 5 per cent deposit and obtain a 75 per cent loan-to-value mortgage. The loan 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 earning should be less than £60,000.
Tony Woodman, regional sales and marketing director for Taylor Wimpey, comments: "First Buy enables us to work closely with the government to help more people in the region buy their first home. An increase in the number of first time buyers entering the market is also good news for those further up the chain.
"We believe that this scheme will make all the difference to those who can afford the monthly repayments on a mortgage but not the hefty deposit. 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."
Terry Fuller, executive director at the HCA said: "Thanks to First Buy, nearly 2,000 first time buyers across the east and south east will be able to realise the dream of owning their home, while house builders will benefit from an additional source of sales, which will in turn give a much-needed boost to jobs in the development industry."
At Leggatts Green in Watford, for example, Plot 89, the one bedroom apartment will be available to qualifying buyers with a 5 per cent deposit of just £7,375 and a 75 per cent mortgage of £110,625.
First Buy closed to new applications in April 2013. For the latest government incentives, click here.
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