Special initiative aims to help first time buyers

First-time buyers are being urged not to miss out on a share of £3.4 million which can help them onto the property ladder.

The money includes £1.7 million of Government funding for a special initiative aimed at reducing the cost of homebuying and must be allocated before the end of this year.

“The scheme is called HomeBuy Direct and it dramatically reduces the initial purchase cost of a house and improves your chance of owning your own home,” said Tim Nabbs, Sales Director for Ward Homes.

“We have around £1.7 million of Government funding, together with our own contribution of £1.7 million, which totals £3.4 million that has to be spent on HomeBuy Direct this year. I would advise people to come and talk to us to find out if they are eligible and we can answer any queries and help with the paperwork.”

Ward Homes has a selection of homes currently available through HomeBuy Direct including two, three and four bedroom homes at Eden Village in Sittingbourne from £147,950; two, three and four bedroom homes at Pavilion Place in Snodland from £199,995; two, three and four bedroom homes at Priory Meadows on the Isle of Sheppey from £139,950 and three bedroom homes at The Woodlands in Boughton Monchelsea from £224,995.

Buyers have the chance to move in for just 70 per cent of the purchase price. The remainder of the price, which is jointly funded by Ward Homes and the Government, through a 30 per cent equity loan is interest free for the first five years with interest charged from the sixth year onwards. In many cases, buyers do not require a deposit.

For example, for a two bedroom apartment at Priory Meadows priced at £139,950, a mortgage of just £97,965 would be required with the remaining £41,985 being an interest free equity loan for the first five years.

The scheme is open to a wide range of people who don’t currently own their own home. Households eligible will be earning more than £15,000 and less than £60,000.

For further information on any of the developments listed, visit wardhomes.co.uk for more Ward Homes developments and further information.