Fall in mortgage payments is a boost for house hunters in Bilston

A local housebuilder is urging buyers to take advantage of the lowest mortgage payments in 14 years and snap up a new build property at its unique Bilston development.

The average percentage of disposable income used for mortgage repayments by new borrowers dropped to 27 per cent at the end of last year, a 10 per cent decrease on figures from the last three decades.

Morris is advising first time buyers to take advantage of these lower payments by purchasing a property using the Government-led HomeBuy Direct scheme. This is available at its Claremont development, which features the splendidly restored former girls’ high school.

Cindy Vials, regional sales director for Morris, said: “As mortgage payments fall and rents continue to rise, buying a new build home is a cost effective move for first time buyers. Properties at Claremont can lead to further savings because they don’t require the same renovations as second hand homes.”

The HomeBuy Direct scheme, which finishes on 31st March, allows first time buyers to purchase a property at the development for 70 per cent of its market value, which removes the need to save for a large deposit.

Cindy added: “The HomeBuy Direct scheme is a great way for first time buyers to take that first step on the property ladder because it reduces the need for a deposit and lowers their mortgage payments.

“Claremont is just a couple of miles from Wolverhampton city centre, with easy access for commuters to get to Birmingham. All househunters hoping to purchase a property at Claremont using this scheme must be quick though, as reservations must be made by 29 February to qualify for HomeBuy Direct.”

With the stamp duty holiday finishing on the 23rd March, first-time buyers that legally complete on their new property at Claremont before this time will not have to pay the 1% fee on houses costing £125,000-£250,000.

Morris has a selection of properties available at Claremont starting at £66,500 under the HomeBuy Direct scheme.

For more information about the properties and schemes available at the Claremont development visit morrishomes.co.uk.