First time buyers give housebuilders a run for their money

Savvy first time buyers are holding out for the best deals from housebuilders reports Linden Homes, which has risen to the challenge of easing the cost of stepping onto the ladder this spring.

Rising prices (9.9% annual growth was recorded in March according to Halifax) and rising interest rates have dampened the hopes of many would-be first time buyers. Yet the more financially secure among them are determined to benefit from the rising market as soon as possible and are combing the new homes market for deals that will ease the cost of buying considerably.

At Linden Homes’ Romana Square development of two-bedroom apartments and duplexes in Timperley, South Manchester, it is offering to subsidise first time buyers’ mortgages for the first two years of their property ownership, reducing monthly repayments to just £499 per month.

Customers are required to pay a minimal 5% deposit, then as well as subsidising the remaining mortgage, Linden Homes will pay stamp duty tax and also give the first time buyer £500 towards legal fees. After the initial two years, the customer can remortgage if necessary to find the most manageable ongoing deal.

While most schemes aim to help raise a deposit or offer 100% mortgages, this deal in particular will help first time buyers who have access to a 5% deposit but are concerned about managing repayments.

At Verve in Slough, a development of 189 one and two-bedroom apartments, Linden Homes has created a deal to help those who are having difficulty raising a deposit but are able to afford monthly mortgage repayments. Linden will pay the 5% deposit for first time buyers, as well as picking up the stamp duty tax bill and paying £1,000 towards legal fees. ‘Verve’ is conveniently located in the heart of Slough’s regeneration zone, which will include a central piazza, open-air amphitheatre, digital library and landmark office buildings. It is also on the doorstep of Slough’s train station, with direct trains to London Paddington in just 19 minutes.

Chris Coates, Regional Director for Linden Homes comments: “We have seen a flurry of activity at developments where we have seriously reduced either the initial cash outlay or the monthly mortgage payments for new homeowners. First time buyers are being tempted by really worthwhile deals in the new homes sector, so by offering a series of packages to assist with the costs of buying a first home, we have been able to rejuvenate the lower end of the market as house prices continue to rise.”

Two-bedroom homes at Romana Square are available from £193,500. Prices at Verve in Slough start at £169,950 for a one-bedroom apartment. For further information visit lindenhomes.co.uk.