New scheme aims to help first time buyers onto the ladder

First-time buyers are still struggling more than ever to get onto the property ladder. One 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 levelling out making this a good time for that all-important first purchase.

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

Sandra Barton, Bellway Sales Director for Wessex, 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 hundreds of stylish new homes at Bellway’s developments across the south and south west of England, so we advise buyers to call us to discuss their needs and see the range of homes that is available to them”.

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 or a 5% deposit paid or Starbuy discounts.

MyChoiceHomeBuy is available on selected properties at the following Bellway developments:

- Cardington Place, Chichester
- Hamstone Court, Stalbridge
- Pallantine Court, Chichester
- St John’s Court, Swindon
- The Heathers, Swindon
- Woodleigh, Eastleigh
- Nightingale Place, Eastleigh
- Little Keep Gate, Dorchester
- Skippetts Gardens, Basingstoke
- Mullholland Park, Burnham on sea
- The Orchards, Norton Fitzwarren
- Wyndham Mews, Bridgwater
- Riverside Fields, Braunton
- Avalon, Shepton Mallett
- Broadlands, Okehampton

For further information visit Bellway.co.uk.

*Subject to Bellway Terms and Conditions.