Help to buy your first home in Bingham
Would-be home owners in Nottinghamshire could find that buying their first home is easier and more affordable than they realised with the help of a Government-backed scheme.
According to the latest YouGov poll, the majority of under 34-year-olds want to own their own home but are frustrated by the property market.
But with the help of FirstBuy they could find that they are able to make that crucial first step onto the property ladder sooner than they expected.
FirstBuy gives people with only a small deposit a helping hand on to 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 homes at Redrow’s Mill Hill venture in Bingham.
Pauline Turnbull, sales director for Redrow Homes (Midlands), explains: “Many people still aspire to owning their own home, but think they can’t afford to without a large cash deposit. Now, however, their buying power is boosted by the Government developed FirstBuy.
“It reduces the overall size of the mortgage required; and, more importantly, the improved loan-to-value ratio (LTV) means lenders generally ask for a much smaller deposit. It means that buyers with savings of around £7,000 could find they have enough to make that crucial first step on the property ladder.”
A deposit of £7,120 could be all a buyer needs to secure a three-bedroom Farnell. On the market at £177,995 it could be purchased for an initial outlay* of just £142,396 with FirstBuy.
The balance comes in the shape of an equity loan jointly funded by Redrow and the Homes and Communities Agency. The loan is interest-free for the first five years and can be repaid when the customer has more funds available or they come to resell.
To be eligible for FirstBuy you must be a first time buyer, or want to return to home ownership, and have household earnings of less than £60,000 a year.
“FirstBuy is perfect for those on lower incomes now who expect their salaries to rise over time,” Pauline said.
“It could be the difference between spending your hard-earned cash on rent or settling for an older home that’s in need of lots of work, when what you really long for is a home of your own that’s fresh, modern and easy to maintain.”
All new Redrow homes are designed and built with pride. They boast well-equipped kitchens with integrated top brand name appliances and plenty of storage, plus bathrooms and en-suites that enjoy quality fixtures and fittings.
Well-insulated, with double glazing and central heating included as standard they’re more energy efficient than their second hand counterparts, which means householders should save money on running costs.
To find out more about FirstBuy and to experience all that a brand new Redrow home has to offer, visit Mill Hill in Mallow Way, where the marketing suite is open daily from 10am to 5.30pm.
For more information, 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.
