HomeBuy Direct launches in the High Peak

The Homes and Communities Agency has given developers Westshield Homes the green light to accept applications for the High Peak’s first HomeBuy Direct development; Miry Meadow in Chapel-en-le-Frith.

To introduce the new scheme, Westshield Homes will be staging an open day at Miry Meadow, which is located off Station Road in the town centre, between 10am and 4pm on Saturday 9th May.

The long awaited Government initiative offers First Time Buyers and Key Workers with an annual household income of less than £60,000 the opportunity to qualify for an equity loan of up to 30% of a property’s value.

Westshield Homes and HomeBuy Agent, the East Midlands Housing Association, jointly provide the loan but unlike many existing purchase assistance schemes, there is no rent to pay and the buyer owns 100% of the property, despite only paying a percentage of the purchase price.

With prices at Miry Meadow starting at just £149,950 this means Derbyshire’s first time buyers could get a foot on the property ladder for just over £100,000.

When the property is sold, the loan is repaid from the sale proceeds at the same percentage as that originally borrowed; so if 30% of the value was borrowed to purchase the home, 30% of the sale value will be repaid.

The loan is interest free for the first five years. In year six, interest is charged at just 1.75% increasing by the RPI plus 1% every year. This means that if the property is sold within five years of purchase, there has been no interest paid on the loan at all!

Buyers can choose from nearly 2,500 homes offered at 135 different new build developments across the country but priority is given to those that live or work in the area around each development. Developments were judged on their quality and affordability before being approved to offer the HomeBuy Direct scheme.

Miry Meadow offers a range of apartments, townhouses and mews cottages in a delightful and private location within walking distance of the town centre.

All properties are built in a traditional style and benefit from a high standard of specification, including contemporary kitchens with integrated ovens, hobs and extractors plus fridge/freezer, washer/dryer and dishwasher. Bathrooms and en-suites include fittings by Lecico.

Apartments are priced from £149,950, mews houses from £174,950 and townhouses from £249,950. All properties are completed and ready for immediate occupation.

For more information visit westshieldhomes.co.uk.