Government lifeline for Cannock first time buyers

A special Government scheme aimed at first time buyers has been made even easier for Cannock couples with no children - but planning to start a family!

They’ve previously been unable to purchase three bedroom homes in the ‘HomeBuy Direct’ scheme at George Wimpey’s Fallowfields development in Huntington village, which helps first time buyers get on the property ladder with an interest free equity loan. But this has now been changed, so couples due to start a family can get more than the original one extra bedroom needed.

Michelle Davies, sales manager for George Wimpey West Midlands, comments: “Originally couples with no children could only be earmarked for our two bedroom properties, but now if they’re planning to start a family they just have to state this on the application form to be considered. It’s great news and opens up a new style of spacious property potentially available to them at Fallowfields.”

The HomeBuy Direct scheme is aimed at helping purchasers with a household income of less than £60,000 afford the home they want. An interest free equity loan is available for up to 30 percent of the value of the property, co-funded by the Homes and Communities Agency and George Wimpey. For example, this timely initiative means that if you qualify for a mortgage of £140,000, you could buy a property worth up to £200,000.

Ms Davies adds: “The new HomeBuy Direct scheme is a great way for purchasers to afford their first home. It’s designed to overcome the hurdles of high mortgage costs and larger deposits, which we know are preventing many people from buying. There are a number of our new homes available through the scheme and we anticipate that interest for them will be high. It’s definitely worth visiting the marketing suite to see what Fallowfields has to offer.”

No interest is charged on the equity loan for the first five years and the purchaser has to contribute the remaining equity through an agreed mortgage. Buyers are also able to pay off the equity loan in instalments at any stage after the first 12 months or sell their HomeBuy property on the open market if they wish – with the equity loan being repaid by way of a share of the sales proceeds.

For more information on HomeBuy Direct and the range of properties available at Fallowfields, visit the marketing suite off Stafford Road Thursday – Monday 10am until 5pm. Alternatively visit the company website at georgewimpey.co.uk.

Fallowfields comprises 85 new homes of distinction made up of three/four bedroom townhouses and three bed semi and detached homes – all with garage. Prices range from £159,995 for three bedroom homes up to £182,500 for four bedroom versions.

Apart from its proximity to Cannock Chase, Fallowfields will offer tree-lined avenues, lots of established, mature trees, plus a host of natural, green areas within its boundaries - because it falls in restricted green belt! Sales executive Linda Wainwright is highly experienced and says that Fallowfields with its distinctive horseshoe-shaped streetscene is easily the most picturesque development she has worked on, while site manager Mick Wale was recently placed in the top 20 nationally in the National House Building Council’s ‘Quality’ awards.