First time buyers get moving in Hampshire

A special Government scheme called HomeBuy Direct has been launched at various developments in the West London region. The new initiative, which has 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 Taylor 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.

Tim Betts, 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 and we anticipate that interest for them will be high. It’s definitely worth visiting the Sales Information Centres to see what is on offer.”

Limes Park occupies a prime position in a leafy residential area to the north-west of Basingstoke town centre, 1 Peggs Way, Park Village.

Marnel Park, on the northern edge of Basingstoke, offers homebuyers easy access to both town and countryside.

Bramley Green enjoys a village location off German Road, Bramley.

The three developments are open seven days a week, 10.30am to 5.30pm.

David Lunts, 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.

For more information on HomeBuy Direct and the range of properties available at all George Wimpey developments across the region, visit Georgewimpey.co.uk/.