First time buyers get moving at Augusta Park

A special Government scheme called HomeBuy Direct has been launched at George Wimpey’s Augusta Park development in West London. 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 for George Wimpey, 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 [insert] homes available through the scheme at the site and we anticipate that interest for them will be high. It’s definitely worth visiting the marketing suite to see what Augusta Park 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.

Augusta Park enjoys a prime position to the north of Andover town centre, bordering the beautiful Hampshire countryside.

A new primary school, community centre, sports hall and playing fields are to be constructed alongside the homes, as well as employment areas which may include new local shops and leisure amenities.

The development area is also home to mature trees, which are being incorporated into the landscape to form small parks and green spaces dotted between the homes.

Commuters will appreciate Andover Railway Station is also a five-minute drive from the development and provides regular services to Salisbury, Basingstoke and London Waterloo, while the M3 and M4 can be reached in 25 minutes.

For more information on HomeBuy Direct and the range of properties available at Augusta Park, visit Georgewimpey.co.uk.