Shared equity scheme offers first time buyer a Merry Christmas
When 24 year old Andrew Watson initially looked to buy his first property close to home, he hadn’t bargained on just how close his first abode would be, as he’s now bought an apartment on the site of the former Wordsley Hospital where he was born.
Engineer Andrew states: “I was living with my parents who are also in Stourbridge and was saving up for a deposit for my first home. When I heard the about the Government-led shared equity scheme FirstBuy and the fact that I was eligible I went along to Persimmon’s Crystal Mead development as the site is perfectly situated for work and for popping back to my folks and has a lot of relevance to me as I was born there!”
Andrew reserved one of Persimmon’s spacious two bedroom apartments with an en suite to the master bedroom and moved in October. He adds: “The new flat really suits my needs as a first time buyer. I was originally looking to by an older property, but I wouldn’t have been able to afford the renovation work on top so the fact that my property is more economical to run and is covered by a ten year warranty with the NHBC is really beneficial.
“Also I wouldn’t have been able to purchase without the 80 per cent FirstBuy scheme as it meant I didn’t have to spend all the money I’d saved on the deposit and have been able to treat myself to some great furniture for the apartment.”
FirstBuy is the brand new Government-funded shared equity scheme which helps a range of househunters from first time buyers to families onto the property ladder. Eligible applicants are offered an equity loan of up to 20 per cent of the purchase price and gain a mortgage for the remaining amount.
Andrew continues: “I’d really recommend FirstBuy and the properties available at Crystal Mead, the sales advisers were really helpful and talked me through the whole buying process, which meant buying my apartment wasn’t just an affordable move, but a simple one too.”
Alison Reading, sales director for Persimmon Homes South Midlands, states: “Over 40 per cent of our purchasers at Crystal Mead have been first time buyers like Andrew. It’s great to know we’re assisting so many people who are taking such an important first step onto the property ladder.
“Unfortunately due to our popularity in Stourbridge we only have limited availability through the FirstBuy initiative so I’d recommend interested parties to get in touch sooner rather than later to explore their home buying options.”
Crystal Mead continues to be a success with local househunters and with nine first time buyers reserving since September, it’s clear to see that buying at the development isn’t just an attractive proposition, but an affordable one too.
Alison continues: “FirstBuy is an excellent buying aid for those with limited finances as it allows them to take that all important step onto the property ladder, without a large financial outlay or an extortionate mortgage to worry about.”
FirstBuy offers eligible applicants an equity loan of up to 20 per cent of the purchase price of a property and buyers then gain a mortgage for the remaining 75 per cent after paying a small five per cent deposit. The two bedroom apartments are therefore priced from just £84,760. To find out more about the FirstBuy scheme, visit persimmonhomes.com.
Crystal Mead offers a stunning collection of homes ideally located in the popular residential area of Wordsley, Stourbridge. Situated on the site of the Wordsley Hospital in Auckland Road, many of the old buildings have been retained and sympathetically restored, including the historic clock tower.
To find out more about the range of properties available, visit persimmonhomes.com.
