FirstBuy at Mount Wise
There has been high interest in the government-backed FirstBuy scheme and Mount Wise has a number of properties available through the initiative.
15 homes in the development’s first phase have been allocated to offer the equity loan scheme across a mix of one, two and three bedroom houses and apartments.
FirstBuy is an equity loan scheme which will see the government and the developer (Mount Wise) provide purchasers with a loan of up to 20% of the price of a new home. Purchasers will therefore only be required to put forward a 5% deposit to own 100% of a new property.*
Mount Wise is one of Plymouth’s most popular developments offering a village ideal in a waterside setting, just minutes from the city centre.
Angus Macdonald, development advisor at Mount Wise, explains this new offering: “FirstBuy is a fantastic scheme which provides eligible buyers who are struggling with a deposit to buy a brand new home. Although focused on first time buyers, it can also apply to others who have had a change in personal circumstance, making it much more inclusive.
“We are delighted to be able to offer this at Mount Wise as, although mortgages are becoming slightly easier to come by, finding the necessary deposit is often a huge hurdle for potential homebuyers to overcome.
“With prices starting at £120,000 (for a one bedroom apartment with allocated parking) it means a deposit of £6,000 is needed, rather than the 15% or £18,000 for which many lenders will ask. We have 15 homes available through this scheme allocated on a mix of one, two and three bedroom houses and apartments. We have already received a lot of interest about the scheme and now that we have been able to publicly declare our allocation, we look forward to hearing from those who are interested in qualifying.”
Sue Dyer, sales manager at selling agent King Sturge, trading as Jones Lang LaSalle, added: “Mount Wise is a striking development which has continued to receive high levels of interest. FirstBuy is an incredibly popular scheme and with only 15 places available we do expect these to be snapped up pretty quickly. We recommend anyone who is interested to get in touch with the sales team on 01752 676633 as soon as possible.”
Mount Wise has planning consent for 469 homes, a 21 bedroom boutique hotel, cricket pavilion, bistro, data centre and office space, all of which is split over four phases.
The on-site sales centre is open seven days a week from 10am until 4pm and appointments are not necessary.
For further information about FirstBuy at Mount Wise please visit www.mountwise.co.uk/firstbuy or call the sales centre on 01752 676633.
ENDS
06/01/2012
Notes to Editors:
* Scheme terms and conditions apply
Mount Wise
The Mount Wise site covers 28 acres and is located less than a mile from Plymouth’s city centre.
The scheme has planning permission for 469 homes, a 21 bedroom hotel, 32,000 sq ft of offices, a 4,500 sq ft convenience store, a cricket pavilion and a 50,000 sq ft data storage centre.
The launch weekend took place in September 2010 and saw more than 3000 visitors. Work on the first phase also commenced in September 2010 and the first show home opened up to the public on Saturday 7th May.
FirstBuy
A £250 million scheme to help first-time buyers who want to buy a new-build property but can’t afford the high deposits has been launched.
Under the FirstBuy scheme, the government and the housebuilders will jointly provide a 20 per cent loan to top up first-time buyers’ own deposit of 5 per cent. This will allow them to take out a mortgage for 75 per cent of the property.
Loans will be free of charge for the first five years and repaid when the property is resold. The funds will then be recycled to fund more homes for the scheme.
The First Buy scheme should help 10,000 families to get onto the housing ladder for the first time, with the first homes expected to be available from September 2011.
(text taken from www.direct.gov.uk)
