Taylor Wimpey launches FirstBuy West Midlands

The Homes and Communities Agency’s FirstBuy initiative for first-time buyers is being launched at Taylor Wimpey developments of property for sale in Oldbury, Telford, Walsall and Warwickshire.

Taylor Wimpey is set to help first-time buyers in search of new homes for sale in the West Midlands onto the property ladder by offering the Government’s just-launched FirstBuy scheme on a range of brand new homes at its local developments.

FirstBuy, which was unveiled in the Chancellor’s Budget earlier this year, supports first-time buyers in search of West Midlands property for sale who could not otherwise afford to purchase a place of their own because of the large deposits now required by mortgage lenders.

FirstBuy works through a joint loan of 20% from the Homes and Communities Agency (HCA) and Taylor Wimpey, which means that eligible purchasers only need put down a 5% deposit and obtain a 75% loan-to-value mortgage on selected apartments and houses for sale in the West Midlands. The loan is repayable at the end of the 25-year mortgage term or when the property is sold. To be eligible, purchasers must be first-time buyers and their total household earning should be less than £60,000.

Taylor Wimpey is offering FirstBuy on selected homes at the following developments across the region:

BIRMINGHAM
Beresford Grove, Oldbury
Cedar Drive, Oldbury

TELFORD
Castle Meadows, Telford
The Meadows, Telford

WARWICKSHIRE
The Boulevard, Coventry
Caldecott Manor, Rugby

WEST MIDLANDS
Saddlers Brook, Walsall

Jan Titley, Regional Sales and Marketing Director for Taylor Wimpey, comments: “FirstBuy enables us to work closely with the Government to help more people in the region buy their first home. An increase in the number of first time buyers entering the market is also good news for those further up the chain.

“We believe that this scheme will make all the difference to those who can afford the monthly repayments on a mortgage but not the hefty deposit. With only 80 per cent of the property’s value to finance, buyers will have access to a wider choice of mortgage products and more competitive interest rates.”

Paul Spooner, executive director for the HCA Midlands, said; “Thanks to FirstBuy, 2,500 first time buyers in the Midlands area will be able to get a foot on the property ladder, while house builders including Taylor Wimpey will benefit from an additional source of sales, giving a much-needed boost to the development industry.”

At Cedar Drive in Oldbury for example, the two-bedroom ‘Woburn’ home will be available to qualifying buyers with a 5% deposit of just £7,811 and a 75% mortgage of £93,746.

For further information on FirstBuy through Taylor Wimpey visit: taylorwimpey.co.uk