FirstBuy eases the deposit nightmare for first time buyers in Coventry
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 Coventry, as Taylor Wimpey Midlands has the fantastic FirstBuy scheme** available at its Elm Tree Copse development in Keresley, 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 Elm Tree Copse 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 FirstBuy scheme at Elm Tree Copse, plot 3, a two bedroom Rothay apartment over a garage which is on the market for £134,995 (FirstBuy price £107,996**) requires a 5% deposit of just £5,400**under the scheme. Or if you need something bigger, plot 10, a three bedroom Salisbury townhouse, on the market for £174,995 (FirstBuy price £1439996**) can be snapped up with just a £7,000** deposit.
Once complete, Elm Tree Copse, on Bennetts Road, will comprise a collection of just 38 stylish two, three and four bedroom homes. Prices currently start from just £104,996 for a two bedroom terraced house, through to £239,995 for a four bedroom detached home.
For further information and to find out how Taylor Wimpey can help get you moving visit the development, open Thursday to Monday from 10am – 5pm, visit taylorwimpey.co.uk.
*Lloyds banking
**Subject to affordability and circumstance on selected plots only
