New scheme set to help first time buyers in Hemel Hempstead

First-time buyers are still struggling more than ever to get onto the property ladder. On the one hand, the credit crunch and reticence from mortgage lenders means the property market may seem less than welcoming for those looking to purchase their first home. But on the other hand, the good news is that prices are starting to show signs of levelling out, making this a good time for that all-important first purchase.

Now, help is at hand at Bellway’s Primrose Heights development in Hemel Hempstead which not only offers the MyChoiceHomeBuy scheme to get you moving – but is also helping you envisage your new home with the launch on 26 July of a stunning show apartment.

Bellway, one of the UK’s top builders, suggests that would-be buyers look for help to MyChoiceHomeBuy, one of the Government-led initiatives to aid those buying their first property. The scheme, which is part-funded by the Government, offers the contribution of up to 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%.

Ian Sloan, Bellway Sales Director for North London, 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 a selection of stylish new apartments at our Primrose Heights development, so we advise buyers to call us to discuss their needs and see the homes available to them. Our new show apartment will help those interested envisage the fantastic home they could be moving to ”.

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. Bellway Homes can also offer a huge range of incentives alongside MyChoiceHomeBuy scheme including stamp duty and legal fees paid.

Primrose Heights is an exclusive development of just 24 homes on Adeyfield Road, Hemel Hemstead. For those interested in the scheme, there will be an impressive two bedroom show apartment opening on site from 26 July 2008. Currently available to view at this select development is the two-bedroom Rosea show home with separate study-room. There is a range of one- and two- bedroom, apartments from £135,000 with the top of the range being an extra large (820 sq ft) two-bedroom duplex home priced at £225,000.

Hemel Hempstead offers the perfect mix of old and new. With its weekly markets, the old town is great for traditional pubs, antique shops and boutiques, whilst the new town boasts exciting shopping malls and big high street brands and excellent leisure facilities.

For further information log on to Bellway.co.uk and download a brochure.