TAYLOR Wimpey Yorkshire has welcomed the Government’s announcement of a £280m extension to its popular FirstBuy shared equity scheme.
The leading local house-builder, which is currently building a number of high-quality new homes developments in the region, has successfully participated in the FirstBuy scheme since its inception in March 2011.
Anne Bagshaw, Sales and Marketing Director for Taylor Wimpey Yorkshire, says: “We are delighted the Government has continued to back this important scheme, which has already helped around 10,000 first-time buyers across the nation to gain a foothold on the property ladder in just 18 months.
“FirstBuy enables first-time buyers to secure a brand new home with just a 5% deposit, which has understandably been incredibly popular with those who had previously feared that property ownership was well out of their reach. It really does make all the difference to those who can afford the monthly repayments on a mortgage but not the hefty deposit.
“An increase in the number of first time buyers entering the market is also good news for those further up the chain as it helps stimulate the market and boosts confidence. Consequently, with more people buying new homes, employment opportunities in the area will increase as it means more jobs within the regional construction industry.”
Under FirstBuy, selected new-build properties at Taylor Wimpey Yorkshire developments can be purchased for 80% of their full price, including a 5% deposit, subject to status.
Taylor Wimpey and the Government’s Homes and Communities Agency (HCA) then boost the purchaser’s deposit with a joint loan of 20%, which is repayable at the end of the 25-year mortgage term or when the property is sold. To be eligible for FirstBuy, customers must be first-time buyers with a household income of under £60,000.
It is projected that the £280m funding just announced will help a further 16,500 first-time buyers own their own home.
Further information on participating developments can be found at www.taylorwimpey.co.uk/firstbuy
* Taylor Wimpey UK, part of Taylor Wimpey plc, is one of the largest residential developers in the UK, developing new homes and communities across the country.
Taylor Wimpey operates from 24 regional offices across England, Scotland and Wales and builds around 10,000 homes each year. Taylor Wimpey is a responsible homebuilder that is committed to health and safety, environmental sustainabil ity, providing excellent customer service and engaging with local communities.
Taylor Wimpey has a range of offers to help first time buyers purchase a home of their own and in 2011 it sold 30% of its homes to first time buyers.
The company was awarded the maximum five stars in this year’s HBF Customer Satisfaction Survey, with nine out of ten customers stating they would recommend one of its homes to a friend.