Last chance for first-time buyers

First-time buyers that are worried about the costs of moving onto the property ladder have less than a week left to take advantage of the Government-led FirstBuy scheme with local housebuilder Morris Homes.

The scheme means buyers only have to put down a five per cent deposit and it reduces their monthly mortgage repayments as they purchase their new home at 80 per cent of its market value, but it is only available at Morris' developments until the end of the month.

With research from Morris revealing that 60% of first-time buyers are stalling their move into homeownership because of the size of the deposit they need to raise, the FirstBuy scheme removes this obstacle and makes owning their first property an affordable option for househunters.

Emma Newall, 29, was able to settle into a three-bedroom Morris townhouse in time for the arrival of her first child, after taking advantage of FirstBuy. Without the financial help provided by the scheme, she would have had to stay in her smaller rented property for another 12 months.

Cindy Cade, regional sales director at Morris, said: “First-time buyers are getting increasingly frustrated at the amount of time it is taking to save a big enough deposit, and we found that this is putting the brakes on the moving plans of nearly two thirds of potential homeowners.

“When using FirstBuy, the deposit buyers need to raise is shrunk, allowing them to get one step closer to buying their first home. The scheme is only available until the end of the month so we urge buyers to et in touch to find out how it can support them.”

For more information, visit morrishomes.co.uk.