New scheme gets buyers moving at The City

A special Government scheme called HomeBuy Direct has been launched at George Wimpey’s The City development in Coventry. The new initiative, which has only just been launched nationally, will help first time buyers get on the property ladder with an interest free equity loan.

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, the initiative means that if you qualify for a mortgage of £140,000, you could buy a property worth up to £200,000.

Daniel McGowan, Regional Sales and Marketing Director, comments: “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 three homes available through the scheme at the site and we anticipate that interest for them will be high. It’s definitely worth visiting the marketing suite to see what The City has to offer.”

Paul Spooner, Regional Director at the Homes and Communities Agency said: “Through HomeBuy Direct the HCA is offering a golden opportunity for local people who have been priced out of the property market. Our £400 million investment nationally will also act as an important stimulus to help restore confidence in the housing market.”

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* if they wish.

In a prime central location on the former Coventry City football ground, The City comprises one and two-bedroom apartments and three-bedroom homes within easy reach of a vast range of amenities, shops and leisure pursuits, including theatres, concert halls, galleries, bars, restaurants, cafes and a vibrant nightlife.

Commuters will appreciate that the development enjoys easy access to the M6 and M40 motorways, while the city’s railway station operates regular services to London and Birmingham.

For those travelling abroad, Coventry has its own airport with flights to more than 20 European destinations, while Birmingham International is just a 30-minute drive away.

For more information on HomeBuy Direct and the range of properties available at The City, log on to Georgewimpey.co.uk.

* Terms and conditions apply.