FIRST-TIME buyers in the region are being given the chance to move in to a brand new David Wilson home with a deposit of just £7,400 thanks to the new Government-backed scheme, FirstBuy.
The aim of FirstBuy is to make home ownership more affordable by allowing first time buyers to initially secure a new home with the lowest possible deposit and mortgage.
Eligible purchasers with a combined household income of less than £60,000 could be offered a loan of up to 20 per cent of the price of the property, jointly funded by David Wilson North Midlands and the Government’s Homes and Communities Agency (HCA).
Buyers then have to find the remaining 80 per cent of the price themselves. Up to 76 per cent of this could be a mortgage leaving a deposit of just four per cent.
David Wilson has received an allocation of the national funding at a number of its developments throughout the East Midlands including Montgomery Gardens on Montgomery Lane in Earl Shilton.
The housebuilder is currently offering the scheme on the three- bedroom Allestree style home there priced at just £184,995 and says this modern property represents excellent value for money.
With FirstBuy, first time buyers could secure this home with a deposit of £7,400.
Philip Lacey, Sales Director at David Wilson, comments “First time buyers could be forgiven for thinking that home ownership is currently beyond their reach but with FirstBuy, buying your first home has become much more affordable.
“With this scheme, eligible people could initially move into a property at Montgomery Gardens with a deposit of just £7,400 which is a lot lower than what most first time buyers would expect to pay to secure a new home.”
David Wilson have a development in Rugby called Oaklands.