100% home for half the price

For many first time buyers their only hope of buying their first home is receiving a hefty deposit from a wealthy relative or entering a shared ownership scheme. Well, that’s a thing of the past thanks to a pioneering new scheme called ‘MyChoice HomeBuy’ currently being championed by developer Crest Nicholson.

The scheme enables first time buyers to receive a low rate equity loan, funded by the government, for up to 50% of the value of the property, with the remaining amount being covered by a mortgage. This means that first time buyers can still own 100% of their dream home and get a firm hold of the first rung of the property ladder.

Crest Nicholson is holding a First Time Buyer Weekend at its ICON development in Street on 6th and 7th September to show buyers, who perhaps thought they couldn’t afford to get on the property ladder, how the new scheme could help them find their dream home.

Sales advisors and financial advisors will be on hand to show first time buyers how this scheme could help them and to complete the necessary forms, as well as showing potential buyers the stylish range of Crest Nicholson properties available to them through this scheme.

Through the ‘MyChoice HomeBuy’ scheme first time buyers can own 100% of their own home in three easy steps:

• Visit the sales office at Crest Nicholson’s ICON development and choose which brand new home you want to buy, with household income determining the mortgage you will be able to obtain. This and any savings will need to represent a minimum of 50% of the full price of your chosen property.

• Crest Nicholson will then help you apply for funding in the form of loan from the Government, which will cover a maximum of 50% of your chosen home. Once qualified an independent financial advisor will help you apply for a mortgage for the balance required.

• Once all of this has been agreed you can reserve your brand new, low maintenance and energy efficient Crest Nicholson home.

Gina Argent, Sales Manager for Crest Nicholson (South West), said: “This is an excellent scheme for those who want to get their foot on the property ladder but either can’t afford it or don’t want to go into shared ownership with other people.

“This scheme allows people to own 100% of their brand new Crest Nicholson home, which they can secure based on a mortgage for a minimum of half of the property’s full price. The remaining part will be funded by a government loan, which can then be paid back with a low annual fee of 1.75%.

“The process may seem a little daunting to people, so that is why we are holding a first time buyers day to explain the process and the options available, as well as helping them to complete any of the necessary paper work and answer any questions potential buyers may have regarding the scheme.”

The ICON development, located on the site of the former Clarks factory in Street, was designed by acclaimed architects Feilden Clegg Bradley Studios and sets new standards for high quality, sustainable housing, with prices starting at £149,950.

The first phase consists of 108 one-, two-, three- and four-bedroom homes, which incorporate a range of energy efficient measures including solar water heating and low energy lighting. The houses are also highly insulated and feature central ventilation systems which keep energy consumption extremely low – saving money on heating bills as well as helping the planet. ICON offers a peaceful, low carbon lifestyle for the modern house buyer.

To find out more information about ‘MyChoice HomeBuy’ or the range of properties available at ICON visit the sales office, which is open daily from 10am to 5pm.