THE introduction of a Government-backed shared equity scheme for first-time buyers looking to buy an all-new Bovis Homes is proving a boon for the area’s housing market.
The popular shared equity scheme First Buy, which means buyers need just a five per cent deposit and 75 per cent mortgage, is now available at Byrons Wood in Hucknall and Portland Great Park in Kirkby.
Bovis Homes Group marketing director, Kevin Wilkins, said: “We are delighted to have applied successfully to have FirstBuy available for Bovis Homes buyers in the area.
“FirstBuy is proving to be one of the most popular purchase assistance schemes around, and we expect it to continue to play a major role in boosting local housing markets by helping first-time buyers to take that first step onto the ladder.
“High deposits had been identified as a major factor in preventing people getting on the property ladder but FirstBuy has bucked that trend with just a five per cent deposit requirement.
“With interest rates remaining low and a wide range of properties now available, we are offering plenty of opportunities for first-timers to take their first property step into a Bovis Home.”
FirstBuy works with a 20 per cent joint equity loan to the buyer from the Government and Bovis Homes, meaning just a five per cent deposit is needed, along with a 75 per cent mortgage, which opens up the possibility of even lower interest rates.
By way of example, it means that a first-time buyer could move into a £200,000 Bovis Home with a deposit of £10,000 and a mortgage of £150,000.
Applicants will need to obtain an approved mortgage from one of the scheme lenders and must meet the eligibility criteria laid out for the scheme.
For the first five years there is no fee charged on the equity loan component and it is intended that this is repaid within 25 years.
Terms and conditions apply to FirstBuy and these can be found, along with more information on the scheme, via Bovis website, www.bovishomes.co.uk/firstbuy/.