David Wilson backs government scheme in East Midlands

David Wilson East Midlands is to offer 104 new homes to customers throughout the region under a new Government scheme ‘HomeBuy Direct' that gives homebuyers the chance to move in for only 70 per cent of the purchase price.

David Wilson will match the Government's funding pound for pound in the new venture to provide the 30 per cent equity loan to the homebuyer. The buyer finances the remaining 70 per cent either through a mortgage, a deposit or a combination of the two.

The company is backing the initiative with a total of 3,000 homes nationwide. Under the scheme, buyers will be protected against possible falls in property values up to 30 per cent as the David Wilson/Government equity share will absorb price risk. In addition, there is no interest to pay on the joint David Wilson/Government equity stake for the first five years, although a fee will be charged from year six onwards.

Philip Lacey, Sales Director at David Wilson, said: "We are delighted the Government recognises our outstanding track record in delivering affordable homes in the East Midlands through initiatives like this. And we are very pleased that it has chosen to work with us to help 3,000 households nationwide who have wanted to buy a home but until now have not found the right opportunity to do so."

"Customers will be buying into the market at today's prices, not the high 2007 prices. And the loan for 30 per cent of the property's value makes it even easier for them finally to own the roof over their heads."

Rt Hon Margaret Beckett MP, Housing Minister, said: "It is great news that major developers like Barratt are backing the Government's HomeBuy Direct scheme and working with us to help first-time buyers on to the housing ladder."

The 43 homes being allocated to the scheme in Leicestershire span 3 developments across the town including Montgomery Gardens, Kibworth Meadows and Humberstone Lodge.

Montgomery Gardens on Montgomery Road in Earl Shilton has allocated 15 homes to the scheme. This development offers a wide range of one-, two-, three- and four- bedroom homes. For more information call the sales office on 01455 846 487 or visit during the opening hours of 11am-6pm, Friday to Sunday.

Kibworth Meadows on Wistow Road has also allocated 15 homes to the scheme. David Wilson's flagship development comprises a selection of one, two-, three-, four- and five- bedroom homes in a pleasant rural location. For more information contact the sales office on 01162 796 206 or visit during the opening hours of 11am-6pm, daily.

The recently launched Humberstone Lodge on Danbury Place has allocated 13 homes to the scheme. This charming development of 77 privately owned homes boasts a choice of three- and four- bedroom homes and is ideal for families.

David Wilson is launching a pre-registration scheme at dwh.co.uk/homebuydirect to cater for the expected strong level of interest. The website contains the full list of sites. Customers who have pre-registered will be immediately contacted as soon as a property in the Leicestershire area becomes available. Households eligible to take advantage of the offer will be earning less than £60,000 and would not normally be able to afford to buy a suitable property on the open market.

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. People who have previously owned properties but are now unable to do so - for example, in cases where relationships have broken down- can also apply.