FirstStep launched on new homes at Park View, Longbridge

Househunters struggling to raise the funds needed to buy their next home in Birmingham are being offered a helping hand with the launch of St. Modwen Homes’ equity loan scheme at its at its Park View development on the former MG Rover site in Longbridge.

Named FirstStep, the scheme has been designed to rival the government’s FirstBuy initiative and will make it more affordable for house buyers to get onto and up the property ladder. Purchasers will own 100 per cent of their home for just 75 per cent of the price (made up of a 5 per cent deposit and 70 per cent mortgage) as St. Modwen Homes offers a loan of up to 25 per cent of the full purchase price.

Unlike the government’s initiative, FirstStep is not just available to first time buyers; it is also available to those looking to purchase their second home and downsizers. As long as the buyer intends to live in the property they will be considered for the scheme.

Under FirstStep, a beautifully designed four bedroom ‘Rednal’ house at Park View can be purchased for just £164,625, making a 25 per cent saving off the £219,500 list price. Additionally, the five per cent deposit required on this property stands at just £10,975 – much lower than the national average which currently sits at around £25,000.

Neil Simpson, residential sales and marketing director at St. Modwen Homes said: “Being able to purchase a family sized home with a deposit which is half that of the national average is a huge advantage in the current property market.

“At St. Modwen Homes, it is our aim to provide a helping hand to people searching for a new property in the local area and whilst there have been many schemes launched nationally to help first time buyers get onto the property ladder, much less has been done to support those moving into their second or third home. Because of this, the decision was made to open up our FirstStep scheme to all househunters – whatever level of the property ladder they are at – meaning everyone can benefit from the savings that can be made.”

Since its launch last year, Park View has experienced widespread popularity, especially amongst people already living in the Longbridge area. More than 90 per cent of homes have been sold at the development and it’s expected that the last few remaining properties won’t be around for long.

Neil continues: “It’s been nearly one year since we launched Park View and during that time the homes have continued to remain extremely popular with househunters in the nearby area. Now that we have nearly sold out of properties at the site, I hope our new FirstStep scheme will encourage those people who have been thinking about buying a home at Park View to come and speak to one of our sales team about how they could join the growing community here before it’s too late!”

The last few remaining homes at Park View are four bedroom ‘Rednal’ properties – all of which are two storeys – or the three storey ‘Bilberry’ townhouses, with prices starting from just £219,500. To find out more about the FirstStep scheme, visit parkview-longbridge.co.uk.