Affordable home for first time buyers

George Wimpey North Yorkshire is working with English Partnerships, the national regeneration agency, to help buyers afford their first home through the First Time Buyers Initiative.

A selection of two and three bedroom properties at Headway are available now through the scheme which allows buyers to secure an affordable mortgage with government aided assistance on up to half the purchase price of the home.

Through the initiative, eligible buyers contribute a minimum of 50% towards the full purchase price of a new home through an affordable mortgage, with English Partnerships contributing the rest by way of a direct payment to George Wimpey. A minimum 5% deposit is still required but, unlike most other schemes, the buyer will own 100% of their new home. This initiative is run by English Partnerships and is part of the Government's wider HomeBuy scheme.

Maria Gatehouse from George Wimpey North Yorkshire said "Many young people dream of owning their own home but can't afford to buy as the average income compared to the average house price often rules them out of the market.

"With assistance of up to half the purchase price, we are making affordable homes available to first time buyers, particularly in areas such as Hartlepool where affordability is a big issue. This scheme brings a solution and allows people to own their own home."

Duncan Innes, the English Partnerships Director responsible for the First Time Buyers Initiative said, "This is a golden opportunity for local people who have been priced out of the property market.

"We all know that there is an increasing gap between earnings and house prices and by reserving affordable new homes exclusively for first time buyers, English Partnerships aims to help as many people as possible to take their first steps towards full home ownership."

Once on the property ladder, buyers can choose to purchase additional chunks of equity to reduce English Partnerships' share of the balance after three months*. There are also no fees to pay on English Partnerships' contribution for the first three years. * Terms and conditions apply.

If you would like more information about the First Time Buyer Initiative at Headway, visit the development on Raby Road which is open five days per week, Thursday to Monday, from 10am until 5.30pm. Alternatively, log onto Georgewimpey.co.uk.