Help for first time buyers in South Derbyshire

Owning one of the final homes available at Priory Fields, near Swadlincote, is now even easier thanks to FirstBuy.

FirstBuy is a Government-backed incentive which cuts the initial cost of owning a brand new home by 20%.

The coalition Government has committed an additional £280m of funding for the scheme, extending it a further two years until March 2014.

First time buyers in Church Gresley will be among those to benefit, as Redrow has secured funding under the scheme at its Priory Fields development.

Pauline Turnbull, sales director for Redrow Homes (Midlands) said: “FirstBuy has been incredibly popular with our customers, including those in Church Gresley, who may have otherwise have found it difficult to buy a home of their own. We’re delighted to have secured the extra funding as it will help a great deal more people take that vital first step onto the property ladder. For example, those who missed out on the two-bedroom homes at Priory Fields could find that they’re able to afford somewhere larger thanks to FirstBuy. But as the development has been hugely successful and is now nearing a sell-out those who want to take advantage of the scheme should act fast before it’s too late.”

The remaining homes at Priory Fields offer a choice of three and four-bedroom properties from Redrow’s sought-after New Heritage Collection.

Thanks to FirstBuy eligible purchasers could cut their initial outlay pay up to a fifth.

For example, a three-bedroom home, usually costing £134,995 

Can be bought for an initial outlay of £107,996 

With a deposit of as little as £5,400 

The outstanding balance is covered by an equity loan, jointly funded by Redrow and the Homes and Communities Agency. 

The loan is interest free for five years and can be repaid when the home owner has more funds available.

To be eligible for FirstBuy customers must have an annual household income of less than £60,000 and be first time buyers or returning to the housing market after a change of circumstances.

Located off Swadlincote Lane, Priory Fields enjoys a traditional village setting with easy access to the East Midlands motorway network.

The nearby town of Swadlincote offers shops and other amenities; and for those who like the great outdoors there are plenty of cycle trails and woodland walks in the National Forest which surrounds the area.

To find out how FirstBuy could you purchase one of the final homes at Priory Fields, visit the sales office and show home, open daily from 10am to 5.30pm. Alternatively, log on to redrow.co.uk/priory.