Taylor Wimpey launches FirstBuy in Exeter

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 across Exeter.

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 collection of two bedroom Raleigh House apartments at its Chancel Park development in Pinhoe, and a collection of two bedroom Furze House apartments at Sylvan Heights in Exeter.

Janine Davey, regional sales and marketing director for Taylor Wimpey Exeter, 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, adds: “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.”

At Chancel Park first time buyers can snap up a two bedroom apartment with allocated parking for just £149,995 under the scheme, all that’s needed is a deposit of £7,500. At Sylvan Heights, a two bedroom, two bathroom apartment with allocated parking is available for just £159,995, with an £8,000 deposit.

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