Help to buy your first home for less in the Cotswolds

First time buyers could own a two-bedroom house in a prime Cotswolds location for less than £152,000 with the help of a Government-backed scheme.

FirstBuy is available at Elan Homes’ Millbrook venture in Wotton-under-Edge, enabling eligible buyers the chance to initially save 20% off the price of selected homes.

It means that first time buyers may only need to pay £151,996 up front to purchase a two-bedroom house instead of the full market value of £189,995.

Beverley Rickard, sales manager for Elan Homes, explains: “The average age of a first time buyer is continuing to rise and while many young people would love to own their own home they fear that it’s beyond their reach because of strict lender requirements and the need for large cash deposits. Thanks to FirstBuy they could find that they are able to buy a home of their own much sooner than they realised, at a price they can afford and without tens of thousands in the bank.”

With FirstBuy, a deposit of around £7,600 could be enough to purchase a property at Millbrook.

The deferred 20% of the price is covered by an equity loan co-funded by Elan Homes and the Homes & Communities Agency. It’s interest free for the first five years and can be repaid when the customer has more funds available or when they re-sell their home.

“FirstBuy offers a stepping stone to buyers wanting to achieve their dream of homeownership and means they can purchase a home that’s stylish and equipped to meet the demands of modern living at an affordable price,” Beverley added.

Nestled close to the Cotswold Hills, Millbrook is a charming venture of just 10 homes in a choice of two and three-bedroom designs.

Currently selling through local agents Besley Hill Town and Country Homes, all the homes at Millbrook are either link semi detached or link detached, with their own garages and gardens.

Wotton-under-Edge lies close to junction 14 of the M5 and junction 18 of the M4,
with easy road links to the historic cities of Bristol, Bath, Cheltenham and Gloucester, making it a commuters dream.

A show home will be opening at Millbrook in late spring to showcase the specification on offer.

Plans and further details on the house types are available to view at Besley Hill Town and Country Homes, 32 Long Street, Wotton-under-Edge. For more information, visit elan-homes.co.uk.