Cathedral Walk hosts HomeBuy Direct evening

First time buyers can find out more about a new shared equity scheme at a special ‘HomeBuy Direct’ evening at Cathedral Walk on Thursday 12th March between 4pm -7.30pm. This stunning new David Wilson Homes development is located off West Street in Wells, close to the town centre.

“HomeBuy Direct is a special government backed incentive for first time buyers and key workers who might otherwise be priced out of the housing market,” reports Bernice McKenna, sales director.

“They only have to secure financing for 70 per cent of the purchase price and no deposit is required. David Wilson matches the government’s funding to provide the 30 per cent equity loan to the buyer.

“With this scheme a buyer could purchase a two-bedroom apartment, currently priced at £149,950, for just £104,965 – a significant saving,” Bernice added.

HomeBuy Direct buyers can redeem the loan in instalments, purchasing up to 100 per cent of the equity after their initial purchase by buying additional equity at the market rate. Alternatively, if they sell their home, the equity loan is repaid by way of a share of the sale proceeds.

“It’s not only first time buyers and key workers who stand a chance of benefiting,” Bernice continued. “People who have previously owned properties but are now unable to do so can also apply.”

David Wilson Homes is backing the initiative with a total of 3,000 homes nationwide and in the South West there has already been unprecedented interest in the scheme. Under the scheme, buyers will be protected against possible falls in property values of up to 30 per cent, as the David Wilson/government equity share will absorb price risk.

For those placing an emphasis on easy access to amenities, Cathedral Walk fits the bill perfectly. The town centre is within walking distance with its wealth of shops, restaurants and supermarkets.

For more information about the HomeBuy Direct evening log on to Dwh.co.uk.