Spring offers for first time buyers in Scotland

Taylor Wimpey West Scotland is offering first-time buyers a choice of incentives to get them on the move this Spring.

Buyers can choose from Taylor Wimpey’s Shared Equity scheme or the company’s Deposit Match incentive on selected plots at five locations throughout the region – encouraging buyers to use whichever option best suits their circumstances.

Both initiatives are currently available on selected plots at Newton Farm in Cambuslang; Callendar Rise in Falkirk; Parklands in Blackwood; Wellhall Grange in Hamilton; and Wester Grove in Bathgate, offering buyers the chance to secure their new dream home and get on the move soon rather than later.

For first-time buyers who are perhaps renting and have just begun their search to buy a new home, Taylor Wimpey’s Shared Equity scheme means you could buy a home for just 85%* of the purchase price, and be on the move much sooner that you’d thought.

Alternatively buyers who have been saving for a deposit could equally make a fast move using the company’s Deposit Match incentive. The scheme matches a buyers’ deposit to a maximum of 10% of the property’s purchase price – giving buyers access to a wider range of mortgages, more competitive interest rates and reduced monthly payments.

Using Taylor Wimpey’s Shared Equity scheme gives homeowners the reassurance that they own 100% of their property from day one but as they’ll already have paid a 5% deposit, they only need to find a mortgage on 80% of the value. The other 15% is provided rent and interest free by Taylor Wimpey for up to ten years, at which point purchasers repay 15% of their home’s current market value. The scheme is flexible, allowing purchasers to repay the outstanding amount early or even make smaller one-off payments up to three times during the ten year period.

Taylor Wimpey’s Deposit Match offers to double a buyers’ deposit up to 10% of the property value, which could mean only having to find a mortgage for the remaining 80%. Extra moving costs such as stamp duty and legal fees are also covered by the house builder.

The additional funds come in the form of an interest-free loan over 10 years. Homeowners have the reassurance that they own 100% of their property from day one and there is no rent or interest to pay during the loan period.

The scheme is also flexible, allowing purchasers to repay the outstanding amount early or even make smaller one-off payments up to three times during the loan term. If the loan is not repaid within the ten year period, interest is incurred at 2% above the Bank of England rate.

Purchasers using either scheme are guided through the process by Taylor Wimpey’s appointed independent financial advisors and solicitors.

Kirsty Cockburn, sales manager for Taylor Wimpey West Scotland, comments: “We recognise that buying a home can be a financially daunting prospect for many and we want to ensure that first time buyers know all the facts before they make a decision.

“We have already helped hundreds to get on to the property ladder, and the availability of both our Shared Equity and Deposit Match schemes at five of our developments across the region offers an excellent opportunity to get buyers on the move.

“There’s no need to continue paying someone else’s mortgage or live with your parents when you could snap up a brand new home of your own for less using our Shared Equity scheme. This fantastic initiative offers a genuine step up for those wanting to get onto the property ladder and is ideal for anyone struggling to save a large deposit.

“Alternatively our Deposit Match scheme opens the doors to more affordable mortgages. By matching the deposit put down by buyers, up to 10% of the property’s value - this additional capital provides buyers with access to a wider range of mortgages, more competitive interest rates and reduced monthly payments that could make all the difference in enabling buyers to afford a more spacious home.”

All developments are open Thursday to Monday from 11.00am-5.30pm.

* Available on selected properties. Terms and conditions apply.