Help to buy your first home in Stoke
First time buyers could own a three-bedroom home in Stoke for less than £100,000 with the help of a Government-backed scheme.
FirstBuy is available at Elan Homes’ Hillside Park venture in the Norton area, enabling eligible buyers the chance to save 20% off the price of selected properties.
It means that first time buyers may only need to pay £99,996 up front to purchase a three-bedroom home instead of the full market value of £124,995.
Marie Wilkinson, sales director for Elan Homes in the north, explains: “The average age of a first time buyer is continuing to rise and while many young people would love to own their own home they fear that it’s beyond their reach because of strict lender requirements and the need for large cash deposits. Thanks to FirstBuy they could find that they are able to buy a home of their own much sooner than they realised, at a price they can afford and without tens of thousands in the bank.”
With FirstBuy savings of around £5,000, plus a mortgage for £94,996 buyers could have enough to purchase a property at Hillside Park.
The remaining £25,000 of the price is covered by an equity loan co-funded by Elan Homes and the Homes & Communities Agency. It’s interest free for the first five years and can be repaid when the customer has more funds available or when they re-sell their home.
“FirstBuy offers a stepping stone to buyers wanting to achieve their dream of homeownership and means they can purchase a home that’s stylish and equipped to meet the demands of modern living at an affordable price,” Marie added.
“And if they complete the purchase of their new home before March they could find it’s even more affordable as they’ll still be able to take advantage of the stamp duty holiday, which ends on March 24 adding an extra 1% to the total first time buyers will have to finance to be able to buy a home of their own.”
Hillside Park features three and four-bedroom homes, available on the open market from £124,995 or from £99,996 with FirstBuy.
The scheme is open to first time buyers and those returning to homeownership. To be eligible, purchasers must have an annual household income of less than £60,000.
Located in Mansfield Grove in Norton, Hillside Park is just a few minutes away from the Staffordshire and Peak District countryside yet is well placed for commuting thanks to easy access to the M6. Residents can enjoy shopping and leisure facilities in nearby Stoke, Leek, Ashbourne or Uttoxeter.
To discover the affordable way to own your first home, visit elan-homes.co.uk.
