Taylor Wimpey launches FirstBuy in Durham

Taylor Wimpey is set to help first time buyers across the northeast get on the property ladder by offering the Government’s newly-launched FirstBuy scheme on a range of homes across the region.

FirstBuy, which was unveiled in the Chancellor’s Budget earlier this year, supports first time buyers who could not otherwise afford to buy because of the large deposits now required by mortgage lenders.

Taylor Wimpey is offering FirstBuy on selected beautifully styled homes at Melrose, Fairfield Park and Langley View, all in Durham.

At Melrose, homes are priced from £105,995. At Fairfield Park stylish apartments start at £79,995 and homes at Langley View start from £84,995.

FirstBuy works through a joint loan of 20% from the Government 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.

Joan Peart, sales and marketing director for Taylor Wimpey North East, comments: “FirstBuy enables us to work closely with the Government to help more people in the region buy their first home.

“An increase in the number of first time buyers entering the market is also good news for those further up the chain. We believe that this scheme will make all the difference to those who can afford the monthly repayments on a mortgage but not the hefty deposit.

“With only 80 per cent of the property’s value to finance, buyers will have access to a wider choice of mortgage products and more competitive interest rates.”

Located just a short drive from Durham City Centre, the Melrose, Fairfield and Langley View developments are home to a great range of shops and pubs, and offers excellent transport links - ideal for commutors.

For more information about Melrose visit the development on Durham Road, Bowburn, open Thursday to Monday between 10am and 5pm.

For further information about the homes at Fairfield Park, visit the development on Church Street, Murton, where the sales office is open Thursday to Monday.

For further information about Langley View visit the sales office located on Hill Top View, Durham which is open Thursday to Monday 10.00 to 5.00pm during the week and until 5.30pm at weekends.

For further information on FirstBuy through Taylor Wimpey visit taylorwimpey.co.uk.