FirstBuy scheme gives families a boost
A scheme aimed at helping first time buyers by reducing both the initial cost of their first home and the deposit they need to find is being offered to families at Taylor Wimpey North West’s Watermill Gardens development in Bromborough.
FirstBuy enables buyers to own 100% of their home from day one but pay for only 80% at the time of purchase, which means monthly mortgage payments are reduced. What’s more, only a 5% deposit is required.
Families feeling trapped in rented accommodation will be delighted to hear the scheme is available on the four bedroom Wilmington house type at Watermill Gardens. The Wilmington is priced from £169,950 on the open market, or from as little as £135,960 using FirstBuy. This means they only need to raise a deposit of £8,498 to buy this stunning property.
FirstBuy works through a joint loan of 20% from the Homes and Communities Agency (HCA) and Taylor Wimpey, which means that eligible purchasers only need to pay a 5% deposit and obtain a 75% loan-to-value mortgage. The loan is interest free for the first five years and is repayable at the end of the mortgage term or when the property is sold. To be eligible, purchasers must be first time buyers and the total household earning should be less than £60,000.
David Hnyda, regional sales manager for Taylor Wimpey North West, comments: “It’s not just individuals and couples who fall into the first time buyer category, we are receiving interest in our homes and the FirstBuy scheme from families too. Whether they’re struggling to save a deposit or trapped in rented accommodation, FirstBuy is of great assistance.
“The scheme helps to overcome some of the common challenges that first time buyers face and has helped buyers across the country get onto the property ladder. We’re delighted to be able to give families who are looking for their first home on the Wirral that same opportunity.”
In addition to the Wilmington Watermill Gardens currently boasts a range of other stunning four bedroom properties with prices starting from just £219,950 for a Carisbrooke home.
Watermill Gardens is located on Magazine Road, close to a wide range of shops, pubs restaurant and leisure facilities. The Croft Retail & Leisure Park, located just off the A41, also features an eleven-screen cinema, a 24 hour ASDA supermarket and a new Tesco HomePlus store.
For further information, visit taylorwimpey.co.uk.
