FirstBuy eases the deposit nightmare for first time buyers
After recent statistics revealed that over the last decade first time buyer property prices have risen by 76%* and the average deposit has more than doubled, it’s no surprise many people are choosing to rent for longer.
However, help is at hand for first time buyers struggling to get on the property ladder in Burton, as Taylor Wimpey Midlands has the fantastic FirstBuy scheme** available at its Regency Square development in the town, which can offer new homes with deposits as low as £5,400.
Designed to help first time buyers overcome the home buying hurdles, 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.
Anne Wallace, regional sales and marketing director for Taylor Wimpey Midlands, says: “Looking for a house can often be very daunting for first time buyers and with large deposits and the cost of living going up, it’s not surprising people are choosing to rent for longer – many see this as the only option. At Regency Square it really is possible to purchase that first property, especially as we have the brilliant Firstbuy scheme in place. So if you’re fed up of renting or living with mum and dad, why not pay us a visit and find out whether we can help you move into your perfect first home?”
Using the first buy scheme at Regency Square, plot 49, a three bedroom Worcester, can be purchased for just £107,996 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 £139,996 and a 5% deposit of £7,000.
Conveniently located near to Burton town centre where there are numerous amenities on the doorstep including several specialist shops, a post office, library and supermarket, the impressive development currently offers a range of properties ideal for first time buyers and young families alike.
Currently available to reserve at Regency Square is a selection of three and four bedroom homes priced from £107,996**. For further information on the homes and financial schemes available, visit the marketing suite open Thursday to Monday from 10am-5pm. Alternatively, visit taylorwimpey.co.uk.
*Lloyds banking
**Subject to Terms and Conditions on selected plots
