Government help scheme for first time buyers in St Neots

First time buyers in St Neots can now benefit from a Government-backed help scheme designed to make buying a home of their own more achievable.

The FirstBuy scheme gives people with only a small deposit a helping hand to buy a home. It provides would-be home owners with an equity loan for up to 20% of the purchase price but buyers own their entire home from day one.

The new incentive is now available on selected two and three-bedroom brand new Redrow homes at Loves Farm, in St Neots.

Mary Timlin, sales director for Redrow Homes (South Midlands), explains: “During the last budget our Government promised vital measures to help first time buyers to step onto the property ladder. They developed the new FirstBuy scheme to do just that.

“It makes buying possible for many who thought the credit squeeze had priced them out of the market. The initially interest free loan is jointly funded by us, the developer, and the Government. It means you can experience the joy of owning 100% of your first home but pay a smaller deposit and have lower monthly mortgage repayments.”

Who is eligible for the scheme?
You could quality for the FirstBuy scheme if you meet the following criteria:

you are a first time buyer (or wanting to return to home ownership) 
your household earnings are less that £60,000 a year

The scheme can be used to purchase two-bedroom apartments, priced from £123,950 (initial outlay* with FirstBuy just £99,160) or three-bedroom homes, priced from £179,950 (initial outlay with FirstBuy just £143,960) at Redrow’s popular Loves Farm development.

A deposit of 5% of the property price could be all you’ll need and the loan can be paid back when you have more funds available or come to sell.

“It’s perfect for those on lower incomes now who expect their salaries to rise over time,” Mary said.

Nearby, St Neots town centre offers many shops, restaurants and entertainment venues, as well as the main attractions of the Great River Ouse and Riverside Park. The location is ideal for commuters as they’re close to the local train station with direct trains to London and good road links to the A1, M1 and M11, with Bedford and Cambridge only about 25 minutes’ drive away.

Availability of FirstBuy is limited so to find out more, visit redrow.co.uk.