Fall in mortgage payments a boost for first-time buyers

A local housebuilder is urging first time buyers to take advantage of the lowest mortgage payments in 14 years* and snap up a new build property at its stunning Kirkby-in-Ashfield development.

The average percentage of disposable income used for mortgage repayments by first time buyers dropped to 27 per cent at the end of last year, a 10 per cent decrease on figures from the last three decades*.

Morris is advising househunters to take advantage of these lower payments by purchasing a property using the Government-led FirstBuy scheme, which is available at its Darcy Park development.

Cindy Vials, regional sales director for Morris, said: “As mortgage payments fall and rents continue to rise, buying a new build home is a cost effective move for first time buyers. Properties at Darcy Park can lead to further savings because they don’t require the same renovations as second hand homes.”

The FirstBuy scheme allows first time buyers to purchase a property at Darcy Park for 80 per cent of its market value, which reduces the size of the deposit required and helps to lower mortgage payments.

Cindy added: “The combination of lower mortgage payments and the need to save for a much smaller deposit makes FirstBuy an attractive prospect to new househunters. The scheme makes it a lot easier for them to take that first step on the property ladder.

“An increased interest in FirstBuy properties has been seen at the Darcy Park development, which is surrounded by beautiful rural farmland yet is just a short commute from Mansfield and Nottingham.”

With the stamp duty holiday finishing on the 23rd March, first-time buyers that legally complete on their new property at Darcy Park before this time will not have to pay the 1% fee on houses costing £125,000-£250,000.

A selection of two and three-bed properties at the Darcy Park development are available using the FirstBuy scheme, starting from £71,950.**

For more information about properties and schemes at Darcy Park, visit morrishomes.co.uk.

*Data from the Halifax Affordability Review Jan 2012

**Price quoted at 80 per cent of its marketed price under the FirstBuy scheme, subject to terms and conditions.

Price is correct at time of going to press.