Scheme aids first-timers

A new scheme for first time buyers could help house hunters in Clipstone to get a foot on the property ladder with only a four per cent deposit.

By The Newsroom
Sunday, 9th October 2011, 12:59 am

The recently launched FirstBuy scheme applies on selected plots at Ben Bailey Homes’ Imperial Park development on Mansfield Road, Clipstone.

At Imperial Park a two-bedroom property can be purchased for as little as £79,996 with the FirstBuy scheme.

Ben Bailey Homes’ sales manager, Wendie Wright, said: “The launch of the FirstBuy scheme is a real boost for first time buyers and we are delighted to be able to offer this option at our Imperial Park development.

“It’s called FirstBuy, but this government-backed scheme could easily be termed an ‘easy-peasy buy’. It’s designed to help first time buyers, or people who’ve previously owned, to get back onto the property ladder.

“Deposits required are lower than normal and you can benefit from the low repayments of an equity loan of up to 20 per cent of the purchase price which is also interest free for five years.”

With FirstBuy eligible applicants will be offered an equity loan of up to 20 per cent of the purchase price (based on the open market value) with the remaining 80 per cent being funded by a conventional mortgage. It means that first time buyers own 100 per cent of their new home from day one and benefit from lower monthly repayments. The buyer is required to find their own four per cent cash deposit.

The Imperial Park development in Clipstone is an exciting development of stylish two and three bedroom houses. Situated in the village of Clipstone, in the heart of the Sherwood Forest, Imperial Park offers a wide selection of amenities including local shops, traditional pubs and a community health centre and library.

It is ideally located next to an excellent road network with easy access to the market town of Mansfield, which is six miles away and offers an array of high street shops, bars, restaurants and leisure facilities. Further afield the cosmopolitan city of Nottingham is just 20 miles south of Clipstone.

For more information about Imperial Park call 08442 578593 or visit The sales centre at Imperial Park is open between 10.30am and 5pm Thursday to Monday.