Find out about a government help scheme for FTBs in Maidstone
First time buyers in Maidstone can find out everything they need to know next weekend (Saturday and Sunday, September 10 / 11) about 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.
Redrow is hosting an open weekend at Sutton Woods to give potential purchasers more information about FirstBuy and how it works. FirstBuy agents will also be on hand to talk to visitors about their options.
The new incentive is now available on selected two and three-bedroom brand new homes at Sutton Woods.
Lesley Stringer, sales director for Redrow Homes (Eastern), 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 loan is interest free for the five years and 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 now be used to purchase selected two and three-bedroom homes, priced from £164,500 (initial outlay with FirstBuy just £131,600) at Redrow’s popular Sutton Woods development.
A deposit of 4% of the overall 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,” Lesley said.
Built on the site of the former Senacre College, off Sutton Road, Sutton Woods is a stylish venture of eco-friendly homes, with special measures to make them more energy efficient and therefore cheaper to run compared to many equivalent sized, older properties. They boast high specification interiors including kitchens with integrated top brand name appliances and bathrooms that enjoy quality fixtures and fittings.
As Kent’s county town, Maidstone has a wide variety of shops, schools, sports and leisure centres, bars and restaurants. Maidstone East station offers journey times to London Victoria or Charing Cross of around an hour and a new high speed service from Maidstone West station takes just 47 minutes to reach London St Pancras, currently running during peak times on weekdays.
Availability of FirstBuy will be limited so to find out more or just to have a chat about your options visit the Sutton Woods sales office, off Sutton Road, open daily from 10am to 5.30pm. Alternatively, visit redrow.co.uk.
