Help to buy a first home in Altrincham

First time buyers in Altrincham 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 brand new Redrow homes at The Willows phase of Stamford Brook.

Elaine Mounsey, sales manager for Redrow Homes (NW), 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 want to return to home ownership) 
your household earnings are less than £60,000 a year

The scheme can be used to purchase two and three-bedroom homes, priced from £174,995 (initial outlay* with FirstBuy just £139,996).

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,” Elaine said.

Set in a semi-rural location, Stamford Brook offers the best of both worlds. Woodland walkways and greenways are part of the development; yet the homes enjoy easy access to local amenities with a supermarket just a stone’s throw away.

Manchester city centre is easily reached and there’s good motorway access to other cities, including Chester and Liverpool, making it a great choice for commuters.

Potential purchasers can take a virtual tour of Stamford Brook online at redrow.tv.

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

* Initial outlay is the sum of a 5% deposit and a 75% mortgage. Deposit is subject to each of the lenders’ requirements.