Scheme helps young family jump onto the property ladder
ONE young couple from Newton Abbot have been helped onto the housing ladder by Redrow's FirstBuy scheme, which is available on properties at new development The Fairways.
FirstBuy, available on properties at The Fairways development, is a Government-backed initiative to help first-time buyers onto the property ladder.
Redrow and the Government can provide a 20 per cent equity loan, interest free for five years, which means homebuyers might only need to save a four per cent deposit and secure a 76 per cent mortgage.
Richard, Amanda and baby Max Wallace moved into their new three-bedroom Broadway home last December.
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Richard said: "Amanda and I were renting in Paignton and Dartmoor, so this is our first property together. FirstBuy made owning our first home achievable and affordable – only having to raise the five per cent deposit really took the pressure off.
"From looking round the development in early November, to picking up the keys in mid-December the whole process took about six weeks. We were told what would happen every step of the way and as first-time buyers that was very helpful.
"We decided to go with our Broadway home because the FirstBuy scheme meant a three-bedroom property was within our reach for the first time.
"We had thought we would only be able to get a two-bedroom property within our budget which would have meant when we have a brother or sister for Max we'd have had to move again.
Emma Solman, area sales manager for Redrow, said: "We want to reassure first-time buyers who are losing hope of ever owning their own home that it is possible and we can help.
"There's no doubt about it, buying a new home is an extremely exciting time, but without the right support and assistance it can end up being one of the most stressful too.
"We understand that for young people and families, security is important and they don't want to worry about the lease coming to an end. They also want to be paying off their own mortgage, not paying off the mortgage of a landlord. With a smaller deposit and much lower monthly mortgage repayments, FirstBuy makes your first steps on the property ladder possible. "Qualification is easy as long as you are a first-time buyer or returning buyer who cannot afford to buy on the open market with a household income of under £60,000 per year."
For more information about FirstBuy, visit www.redrow.co.uk/helping-you -move/firstbuy
Prices at The Fairways range between £95,995 and £341,995. For more details visit www.redrow.co.uk/developments /the-fairways-newton-abbot or call the sales team on 01626 438010.