First time buyers achieve their vision

First time home buyers in Plymouth are climbing onto the property ladder in significant numbers thanks to a government initiative - and there’s still chance to join them.

Many would-be home owners have faced difficulties recently gaining mortgage approvals without a substantial deposit, but the First Time Buyer Initiative (FTBI) being offered at Redrow’s Vision at Devonport site has given many the chance to own their own home by purchasing it at a more affordable initial price.

The initiative means that first time buyers can get onto the property ladder with a contemporary apartment in one of Plymouth’s main regeneration areas for an initial outlay as low as £59,000.

There are just 17 FTBI homes remaining at Vision @ Devonport after 31 were snapped up during the first three months of the scheme and Redrow is delighted with the success. The first people to purchase via the initiative will be moving into their very own brand new homes over the next few days.

Hannah Newnes, area sales manager for Redrow Homes, says: “It’s no surprise we have had such a great response from first time buyers to this scheme. It’s an amazing chance to live approximately two miles from Plymouth city centre in an area that’s undergoing vast improvements, for just a fraction of the usual cost.”

The First Time Buyer Initiative was launched at Vision @ Devonport development by the Homes and Communities Agency (HCA) to help first time home buyers get a foothold on the property ladder.

The scheme is available to first time buyers who are able to attain a minimum of a 50% mortgage to put towards the cost of the property. The HCA then assists by lending them the outstanding amount. The scheme is administered at Vision @ Devonport by local agent Home2Own, who act on behalf of the HCA and help guide the buyer through the purchase process.

Gwenda Beckley, HomeBuy manager for Home2Own, said: “We delighted with the ongoing success of the FTBI at Vision. It is a brilliant opportunity for first time buyers in Plymouth to get a foot hold on the property ladder.”

The buyer owns 100% of their new home; however, the percentage contributed by the HCA must be repaid if and when the house is re-sold. This provides buyers with an added cushion against negative equity if the resale price drops below the original purchase price.

Buyers can make part payments to the HCA or repay the whole sum at any time. After three years, the purchaser will start to pay a fee to the HCA, based on the size of their outstanding contribution. This fee is 1% after three years; 2% after four years; and 3% thereafter. A full and clear explanation of the terms and conditions is available from Redrow.

Redrow is regenerating the former South Yard Stores Enclave, in Devonport, in conjunction with the HCA, to create a vibrant new development complete with more than 460 new homes, shops, offices and community facilities.

Currently available through the FTBI at Vision @ Devonport are two-bedroom apartments from an initial outlay of just £59,000. For this, purchasers get a brand new home with modern fixtures and fittings, that’s more energy efficient than an older property so potentially cheaper to run and without the need for any repairs or renovation.

Two unique ‘bank’ apartments are also available through the scheme, which have the frontage of the historic former Midland Bank, one of the only buildings in the area to survive the blitz of the Second World War. These one-bedroom homes are available from an initial outlay as low as £67,498.

For more information on Vision go to redrow.co.uk.

To find out about the FTBI log on to myftbihome.co.uk.