Bellway launches MyChoiceHomeBuy scheme

First-time buyers are still struggling more than ever to get onto the property ladder, but the good news is that prices are levelling out making this a good time for that all-important first purchase. For those finding it difficult to get on that bottom rung, Bellway suggests that would-be buyers look to MyChoiceHomeBuy. This is just one of the latest Government-led initiatives to aid those buying their first property.

The scheme, which is part-funded by the Government, offers the contribution of up as much as 50% or as little as 15% of the purchase price of a first home. First-time buyers searching for a home on the open market will take out a mortgage from any participating bank or building society to fund the agreed percentage of the purchase price. Eligible home buyers will then receive an equity share from MyChoiceHomeBuy to cover the remainder of the purchase price.

MyChoiceHomeBuy has been designed to offer a flexible and simple path for potential home buyers with a combined household income ranging from £20,000 to £60,000 to buy their own home. There is a low monthly fee of 1.75% payable on the equity bought with MyChoiceHomeBuy for the first year. Annual increases on this fee are capped at RPI plus 1%.

Peter Knights, Bellway Sales Manager for Thames Gateway North, said:

“MyChoiceHomeBuy is a great new product, offering excellent affordability for low to middle income earners who might otherwise find themselves priced out the market. There are many stylish new homes at Bellway’s Park Central and Brooklands developments in Harold Hill so we advise buyers to call us to discuss their needs and see the range of homes that is available to them”.

After the first year, home buyers can choose to buy part or all the remaining equity on their property, as soon it is financially viable for them to do so. By paying back the equity at a price based on the valuation at that time, the monthly charge or fee that needs to be paid will be reduced proportionately. Enabling the buyer to eventually own their home outright.

Bellway Homes can also offer a huge range of incentives* for first time buyers, aside from the MyChoiceHomeBuy scheme. Incentives include; soft furnishing packages, stamp duty and legal fees paid or a 5% deposit paid.

MyChoiceHomeBuy is available on selected properties at the following Bellway developments:

• Park Central, Gooshays, Harold Hill
• Brooklands, Whitchurch Road, Harold Hill

For more information, visit Bellway.co.uk.