FirstBuy offers home seekers chance to purchase
FIRST-TIME buyers will find it easier to purchase one of the distinctive homes at the new development at Beechfields View, Torquay, after Sovereign Living secured FirstBuy funding for the scheme from the Homes and Communities Agency (HCA).
FirstBuy is a Government-backed equity loan scheme that aims to assist eligible buyers who would otherwise be priced out of the housing market, to purchase a home.
The scheme provides funding to help purchase a new home reducing the mortgage and deposit required.
"This is fantastic news for people in south Devon who are looking to buy their first property.This funding will allow us to meet a very real housing need and help prospective home buyers meet their aspiration of owning their own home with a mortgage they can afford," said Sovereign's director of home ownership, Tony Quigley.
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The mortgage, together with a deposit, will equate to approximately 80 per cent of the purchase price. This means that purchasers may only require a five per cent deposit. The rest of the purchase price will be paid for by the equity loan and will equate to a maximum of 20 per cent.
The loan is free of charges for the first five years. The purchaser can repay the loan at any time over a 25-year period or when the home is sold, whichever happens first. At the start of the sixth year an annual fee will be applied. This will be collected on a monthly basis and will equate to 1.75 per cent of the loan amount.
FirstBuy is available to home buyers who cannot afford to buy a property without financial assistance. As such, they should not already own a home or have a household income of more than £60,000 per annum.
The striking £20 million Beechfields View development, which is being supported by an investment of more than £7million from the HCA and Torbay Council, will feature a mix of 112 apartments and 32 houses, all built to a high specification. The scheme is being developed by Sovereign Living Ltd, a subsidiary of the Sovereign Housing Association to provide the flexibility to build a range of homes, including those for outright sale and open market rent.
If you are interested in buying a home at Beechfields View with FirstBuy, you can visit the sales office and show home at the development site. There will also be an event on Saturday February 9 for prospective home buyers at the Beechfields View site, off Barton Hill Road, Torquay TQ2 8HU.
Alternatively you can find out more by visiting www.instinctivelyhome.co.uk.