Lifeline for first time buyers in Bilston

There's good news for would-be homeowners in Bilston – thanks to an extension of funding under the FirstBuy initiative they could save almost £24,000 off the price of a brand new home.

Redrow has secured additional funding under the FirstBuy initiative for its Chestnut Walk development. It means eligible customers could see the cost of setting up home cut by up to 20% with the help of an equity loan.

It’s great news for those who long for a home of their own but perhaps feared they wouldn’t be able to afford to buy.

Pauline Turnbull, sales director for Redrow Homes (Midlands), explains: “A number of people living at Chestnut Walk were able to purchase their first home with the help of FirstBuy and now that we’ve secured additional funding under the scheme we’re looking forward to making more dreams of homeownership a reality for our customers. FirstBuy offers real a lifeline to those who perhaps tired of paying someone else’s rent and want to escape the rental trap or feel it’s time they flew the parental nest.”

Thanks to FirstBuy a two-bedroom Evesham at Chestnut Walk, available on the open market at £119,995, can be snapped up for an initial outlay of £95,996. That’s a saving of almost £24,000.

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.

“Those who purchase a home with FirstBuy may only need a 5% deposit, compared with the 20% lenders usually require,” Pauline adds.

“And if that wasn’t enough, they should be able to access some of the better mortgage rates, usually only available to those with substantial savings.

Located in Dudley Street, Chestnut Walk features a good choice of two, three and four-bedroom homes from Redrow’s sought after New Heritage Collection.

Inspired by the architecture of the Arts & Crafts era, they look traditional from the outside but are bright and modern inside.

Kitchens are well equipped with essentials including oven, hob, microwave and fridge freezer; while bathrooms and en-suites enjoy quality fixtures and fittings.

To discover how you could step on to the property ladder with help from Redrow and FirstBuy, visit Chestnut Walk, where the show homes and sales office are open daily from 10am to 5.30pm.

For more information, visit redrow.co.uk/chestnut.