Sandringham scheme gets buyers moving

A special Government scheme called HomeBuy Direct has been launched at George Wimpey’s Sandringham development in Eastcote, Ruislip. The new initiative, which has only just been launched nationally, will help first time buyers get on the property ladder with an interest free equity loan.

The HomeBuy Direct scheme is aimed at helping purchasers with a household income of less than £60,000 afford the home they want*. An interest free equity loan is available for up to 30 percent of the value of the property, co-funded by the Homes and Communities Agency and Taylor Wimpey. For example, the initiative means that if you qualify for a mortgage of £140,000, you could buy a property worth up to £200,000.

Tim Betts, Regional Sales and Marketing Director, comments: “The new HomeBuy Direct scheme is a great way for purchasers to afford their first home. It’s designed to overcome the hurdles of high mortgage costs and larger deposits, which we know are preventing many people from buying. There are sixteen homes available through the scheme at the site and we anticipate that interest for them will be high. It’s definitely worth visiting our Sales Information centre to see what Sandringham has to offer.”

David Lunts, Regional Director at the Homes and Communities Agency said: “Through HomeBuy Direct the HCA is offering a golden opportunity for local people who have been priced out of the property market. Our £400 million investment nationally will also act as an important stimulus to help restore confidence in the housing market.”

No interest is charged on the equity loan for the first five years** and the purchaser has to contribute the remaining equity, through an agreed mortgage***. Buyers are also able to pay off the equity loan in instalments at any stage after the first 12 months or sell their HomeBuy property**** if they wish.

Sandringham is perfectly positioned between Ruislip and Eastcote High Street with a superb array of shopping facilities and transport links. Local stores catering for everyday needs include Marks & Spencer and Waitrose. A wider choice of outlets can be found nearby at The Chimes Shopping Centre in Uxbridge and the Harlequin Shopping Centre in Watford.

Commuters choosing to enjoy Sandringham’s laid-back lifestyle are well catered for, with the M40 and M25 a 15-minute drive away and direct local bus services to Pinner, Northwood and Ruislip. The development is also equidistant from East Ruislip, Eastcote and Ruislip Manor stations on the Metropolitan and Piccadilly lines, and, only a little further on foot or by road, South Ruislip and West Ruislip stations on the Central Line.

For more information on HomeBuy Direct and the range of properties available at Sandringham visit the Visitors’ centre in High Eastcote Road, open seven days a week between 10.30am and 5.30pm.

* Eligibility and affordability checks will be carried out by the relevant HomeBuy Agent. To start that process, you should contact David Lunts. Further information about eligibility and the process is available in the Buyer’s Guide which can be found at georgewimpey.co.uk.

** No fee charge for the equity loan for the first five years but a fee will be charged from year six onwards.

*** Agreed mortgage could be agreed with any lender regulated by the Financial Services Authority

**** Buyers can sell their HomeBuy property on the open market. The equity loan needs to be repaid by way of the share of the sale proceeds.