First time buyers get moving in Ipswich

A special Government scheme called HomeBuy Direct has been launched at George Wimpey’s Spencer’s Court development in Ipswich. 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.

Steve Rolt, 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 a number of 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 Spencer’s Court has to offer.”

Terry Fuller, 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.

Spencer’s Court in Ipswich comprises two-bedroom apartments with prices starting from £72,995 and three-bedroom homes from £119,995.

The development benefits from a wide range of amenities on the doorstep including a small supermarket, and is just a mile from Ipswich town centre.

Further information on the homes, and the HomeBuy Direct scheme, is available by visiting the marketing suite at the development off Bramford Road, Ipswich open Mondays from 1pm to 4pm, then Thursday to Sunday from 9am to 4pm, or go online at Georgewimpey.co.uk.