Government help scheme for first time buyers in Nuneaton
First time buyers in Nuneaton can now benefit from a Government-backed scheme designed to help them achieve a home of their own.
The FirstBuy scheme gives people with only a small deposit a helping hand to onto the property ladder. 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 Eliot’s View.
Pauline Turnbull, sales director for Redrow Homes (Midlands), 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. Initially interest free, the loan is jointly funded by us, as the developer, and the Government through the Homes & Communities Agency. 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-bedroom apartments and three-bedroom homes at Eliot’s View.
It means that a two-bedroom apartment on the market at £99,950 could be purchased for an initial outlay* of just £79,950 with FirstBuy; while a three-bedroom ‘Broadway’ style home priced at £129,995 could be snapped up for as little as £103,996 up front.
A deposit* of 4% 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,” Pauline said.
Close to Nuneaton town centre, some of the homes at Eliot’s View enjoy views of the Coventry Canal; while thanks to easy access to the A444 and A5, Coventry, Hinckley and Atherstone are within commuting distance.
With three show homes open daily for viewing, potential purchasers can experience all that a brand new Redrow home has to offer. Plus thanks to video footage online at Redrow.TV, potential purchasers can explore Eliot’s View any time of day or night from the comfort of their home, office or wherever they access the internet. The award-winning broadband TV channel also includes a video guide to FirstBuy.
Availability of FirstBuy is limited so to find out more, visit redrow.co.uk.
*Initial outlay is the sum of a 4% deposit and a 76% mortgage. The 76% mortgage is currently only available through Halifax. Other mortgages are available from other lenders.
