Financial initiatives for Stourbridge buyers
Just four two bedroom, two bathroom designer apartments remain at Lawnswood Ride in Wordsley by Taylor Wimpey West Midlands – but they’re all within reach of first time buyers benefitting from a host of financial initiatives.
This popular development on the site of the historic Wordsley Hospital (parts of which are being restored and retained) has two coveted apartments available using the Government-backed ‘HomeBuy Direct’ scheme, which means they’re now available from just 70% of the price – with only a 5% deposit to pay*. The HomeBuy Direct scheme is aimed at helping buyers with a household income of less than £60,000 to 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.
And at Lawnswood Ride, that means two ground floor Ragley apartments with spacious open plan lounge/kitchen, ensuite to the master bedroom with double shower, additional bathroom and allocated parking space and communal garden, are available for just £76,650 (plus a 5% deposit) - instead of £109,500!
Jan Titley, sales and marketing director for Taylor Wimpey West Midlands, explains: “The 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 – despite the market recovering - are still preventing many people from buying.
“No interest is charged on the equity loan for the first five years and the buyer contributes 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 on the open market if they wish – with the equity loan being repaid by way of a share of the sales proceeds.”
Even for those first time buyers not eligible for ‘Homebuy Direct’, the same two Ragley apartments can also be snapped up via the ‘EasyStart ‘ shared equity scheme, whereby purchasers can buy a new home and pay as little as 85% of the full price straight away. A 5% deposit is paid on exchange of contracts and a further 80% is paid via their prearranged mortgage on completion. Taylor Wimpey will loan the remaining 15% with no rent or interest to pay for up to 10 years.
This means that a ground floor Ragley apartment with ensuite is available for just £93,075 (plus 5% deposit) via ‘EasyStart’ and that’s a saving of £16,425. Plus, it means you own 100% of the home from day one, for just 85% of the price. A first floor Ragley normally costing £113,500 is also available via ‘Easy Start’ at just £96,475, plus a second floor version on the open market for £114,500 is now available via this innovative shared equity scheme at just £97,325.
Mrs Titley adds: “We literally have something for everyone and timely incentives like these are just our way of giving something back and keeping the market ticking over as recovery continues - because a reassuring cost cutting package like this can make the difference between staying put and missing out, or making that dream move at the optimum time.”
Lawnswood Ride offers a bespoke selection of 86 properties (90% now sold) made up of four/five/six bedroom detached properties, three storey, three/four bedroom townhouses, plus designer apartments – with many overlooking the undulating public open space. Other final availability is made up of four bedroom family homes from only £213,995.
The sales Centre off Auckland Road is open Thursday - Monday from 10am – 5pm.
*Local teachers can proceed under ‘HomeBuy Direct’ at Lawnswood Ride without having to pay any deposit at all - via a mortgage exclusively for the profession by Teachers Building Society.
