FirstBuy eases deposit nightmare for first time buyers in Plymouth
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 Plymouth, as Taylor Wimpey Exeter has the fantastic FirstBuy scheme** available at The Limes at Warleigh Village and Warleigh Village, its developments in the town, which can offer new homes with deposits as low as £5,200**.
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 have total household earnings of less than £60,000.
Janine Davey, regional sales and marketing director for Taylor Wimpey Exeter, 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 both developments 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 with 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?”
At Warleigh Village, a three bedroom Chichester home priced at £169,995 can be snapped up under the FirstBuy** scheme for a deposit of just £6,500**. At The Limes at Warleigh Village, a two bedroom apartment, priced at £139,995, needs a deposit of just £5,600**.
To find out more about the homes available under the scheme, visit taylorwimpey.co.uk.
*Lloyds banking
**Subject to Terms and Conditions on selected plots
