Taylor Wimpey launches FirstBuy in Burton On Trent

Taylor Wimpey is set to help first time buyers in Burton On Trent get on the property ladder by offering the Government’s newly-launched FirstBuy scheme on a range of homes across the region.

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 selection of three and four bedroom homes at its Regency Square development in Burton on Trent.

Anne Wallace, regional sales and marketing director for Taylor Wimpey Midlands, 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 Regency Square plot 49, a three bedroom Worcester, can be purchased through FirstBuy for just £107,995 and a 5% deposit of £5,400. Plot 46, a three bedroom Salisbury townhouse, can be snapped up for just £118,396 and a 5% deposit of £5,920. And finally plot 62, a four bedroom detached Ashford, can be yours for just £139,995 and a 5% deposit of £7,000.

For further information visit Regency Square, visit taylorwimpey.co.uk.