Don’t become part Of ‘Generation Rent’ urges Taylor Wimpey

With the startling news that one in five 18 – 34 year olds* has been forced to move back home and many are giving up hope of ever being able to get onto the property ladder, Taylor Wimpey Exeter is urging young Britons from ‘Generation Rent’ to pay ‘The Manor House’, its development in Tavistock a visit.

Here they’ll find that not only is there a host of affordable first time buyer properties to choose from, if they buy a brand new home there’s also a raft of financial incentives, including shared equity and deposit paid schemes, that can be used to help make the home ownership dream a reality.

Janine Davey, regional sales and marketing director for Taylor Wimpey Exeter, said: “The recent news on how many young Britons are resigning themselves to life at mum and dads or in rented accommodation is shocking, not least because there is in many cases a real chance of home ownership.

“We speak to so many first time buyers who have almost given up hope because they’re either confused by the conflicting reports on house prices and mortgages, or simply deflated by the unrealistic deposits they think they’re going to have to save. But as soon as we talk them through the options available and the ways in which we can help they soon realise there is a chance of owning their first home.”

One of the schemes available is FirstBuy, which was unveiled in the Chancellor’s Budget earlier this year, and 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.

Janine adds: “With FirstBuy you only need a 5% deposit to secure a mortgage, not one that runs into the tens of thousands, making the amount you need to save much more achievable. I’m urging first time buyers to do their research and exhaust all of their options before giving up and a good place to start is by visiting one of our developments to find out more.”

Taylor Wimpey is offering FirstBuy on just six, two bedroom Ash apartments at The Manor House. Here first time buyers can snap up one of the apartments, which benefit from two bathrooms and allocated parking, for £134,995 and a deposit of just £6,750.

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