First time buyers in Telford get a ‘leg-up’

In just a few months, the leading housebuilder has notched up 18 sales on two developments in Telford (Castle Meadows in Hadley and The Village in Ketley) to those most affected by today’s home ownership issues. ‘HomeBuy Direct’ is aimed at helping purchasers with a household income of less than £60,000 afford the home they want.

A timely 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.

No interest is charged on the equity loan for the first five years and the purchaser contributes the remaining equity through an agreed mortgage. They're able to pay off the equity loan in instalments after the first 12 months or sell their ‘HomeBuy Direct’ property on the open market if they wish – with the equity loan being repaid by way of a share of the sales proceeds.

Carol Edwards, sales & marketing director for Taylor Wimpey West Midlands, comments: “The ‘HomeBuy Direct’ scheme is a great way for purchasers to afford their first home because it’s designed to overcome the hurdles of high mortgage costs and larger deposits, which we know are preventing many people from buying. Purchasers own the property outright, but rather than having rent of interest to pay, the equity is shared with the loan provider. And lenders seem to prefer shared equity (as opposed to shared ownership) schemes because this type of loan helps protect both borrower and lender from any negative equity.

"We’ve quickly enjoyed nine sales at Castle Meadows in Hadley and nine at The Village Millennium Community in Ketley) plus we have a fair few more in the pipeline. “It’s been very popular to say the least and there’s still time and opportunity to take advantage. It really is a joy to be able to help onto the property ladder those people who, in the current climate, would not be able to raise a suitable deposit or secure a mortgage.

The Village in Ketley is one of only seven Millennium communities in the UK designed to demonstrate best practice in social and environmental sustainability and four bedroom, three storey 'eco' homes with garage are available from just £117,995 via ‘HomeBuy Direct’. Visit the show complex on Holyhead Road between 10.00am and 5.00pm daily for more details.

Castle Meadows in Hadley is located on the former GKN Sankey football stadium off Britannia Way and three bedroom, three storey mews homes with study, garage and parking space are available from just £108,497 via ‘HomeBuy Direct’. Visit the showhome on Castle Lane Thursday – Monday 10am until 5pm to find out more.

Alternatively visit the company website at taylorwimpey.co.uk/westmidlands.