Taylor Wimpey launches FirstBuy in Portsmouth

Taylor Wimpey is set to help first time buyers get on the property ladder by offering the Government’s newly-launched FirstBuy* scheme on a range of homes at its Scholars Walk development in Portsmouth.

FirstBuy, which was unveiled in the Chancellor’s Budget earlier this year, supports first time buyers who could not otherwise afford to buy 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. 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 the total household earning should be less than £60,000.

Taylor Wimpey is offering FirstBuy on a small number of homes at its Scholars Walk development. Here a two bedroom, two bathroom ‘Regius House’ apartment can be snapped up for just £129,995 and a deposit of only £6,500* through the scheme.

Sarah Pasco, regional sales director for Taylor Wimpey Southern Counties, 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.”

Colin Molton, executive director for the HCA South and South West, said: “Thanks to FirstBuy, more than 1,600 first time buyers across the south and south west 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.”

There is currently a collection of two, three and four bedroom homes available at Scholars Walk priced from just £129,995.

For further information on the homes available through FirstBuy, visit: taylorwimpey.co.uk/FirstBuy

* Subject to terms and conditions on selected plots.