Buy a new home now with a £4,000 deposit
Dreams of homeownership could come true for first time buyers in Nuneaton who have savings of around £4,000.
While many young people aspire to owning their own home, they may fear they won’t be able to afford to buy if they don’t have a large cash deposit. But thanks to FirstBuy they could fly the parental nest or escape the rental trap much sooner than they anticipated.
The valuable help makes the already competitive price of new Redrow homes at Eliot’s View in Tuttle Hill even more affordable.
Pauline Turnbull, sales director for Redrow Homes (Midlands), explains: “With lenders often requiring a deposit of 20% of the price of a home it’s taking longer for people to accumulate enough cash up front. It means the age that people buy their first home is rising and according to the Bank of England could be as high as 44. However, would-be homeowners could find they are able to step onto the property ladder much sooner with FirstBuy, without having to scrimp and save.”
The Government-backed scheme is designed to help those who would otherwise be priced out of the property market to buy a home of their own at a price they can afford.
With FirstBuy eligible customers who have saved £3,800 could find that they only need a mortgage of £72,196* to purchase a two-bedroom apartment at Eliot’s View. The remaining share of the £94,995 purchase price is covered by 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.
The valuable help is available to first time buyers and those who want to return to home ownership. To be eligible for the help customers must have an annual household income of less than £60,000.
“Would-be homeowners have been keen to find out more about FirstBuy and how it can help them on to the property ladder. We’re currently working with a number of potential purchasers hoping to take advantage of the valuable help, guiding them through the application process,” Pauline added.
“Buying your first home may seem daunting but our friendly, experienced sales team will make things as simple and straight forward as possible. We’ve even produced an easy to follow video guide to help customers understand how the scheme works.”
The FirstBuy guide can be viewed online at redrow.tv.
