Countryside Properties gives buyers a step up with FirstBuy at Copper Wells

21.10.2011

Countryside Properties has announced that it has secured the Homes and Communities Agency’s (HCA) latest home ownership initiative, FirstBuy, an equity loan scheme now available to first time buyers at Copper Wells in Heywood.

 The scheme will be available across the stunning selection of two, three and four-bedroom homes, forming part of the Government’s commitment to help home buyers enter the property market, as announced in the Budget in March 2011.

 Through FirstBuy, eligible first time buyers can purchase 100% of their new property with the assistance of an equity loan of up to 20% of the full purchase price. The loan will be jointly funded by the HCA and Countryside Properties.

 Recent research shows the average price of rent in Lancashire has increased to staggering £760 per month***, this scheme aims to encourage first time buyers to enter the property market by not only significantly reducing the deposit required but by also making the monthly mortgage repayments as or more affordable than rising rental costs.

 For a three-bedroom home at Copper Wells, priced at full market value of £135,000, buyers who take advantage of FirstBuy can receive an equity loan of up to 20%, equating to £27,000. Through the scheme, buyers need only contribute a further 5% towards the home’s deposit, equating to £6,750; and raise a mortgage for the remaining 75%, equating to £101,250.*

What’s more, buyers who take advantage of FirstBuy at Copper Wells may also be eligible for a 100% mortgage through lenders Shepshed Building Society and Teachers Building Society, free independent advice will also be available through Chartwells. Available on selected properties, buyers need only contribute a £500 reservation fee, with no deposit to pay, and will be granted a mortgage to cover their 80% contribution towards their new home. 

 Managed by HomeBuy Agent, Plumlife, part of Great Places Housing Group, the FirstBuy equity loan remains interest free for five years and is repayable within 25 years of property purchase or upon the sale of your home.

Peter Vella, Regional Sales and Marketing Director for Countryside Properties, commented: “Countryside Properties is delighted to announce the availability of FirstBuy at Copper Wells, which now forms part of our ongoing commitment to making home buying more affordable for those looking to enter the property market.

“Recent figures have shown that the average deposit for a house purchase is 21%, for which it would take first time buyers an expected eight years to save.** FirstBuy will be a crucial factor in assisting buyers to realise their home buying aspirations.”

Forming part of the Government’s wider proposals to help people access home ownership, the announcement follows the HCA’s recent pledge of £180m funding to assist approximately 10,500 first time buyers in England.

 FirstBuy is now being offered on a selected range of new build developments across the country, with approximately £24m assisting buyers across the North West of England.

Deborah McLaughlin, executive director North West at the HCA, said: “The response to FirstBuy has been tremendous and it is great news that we have been able to support Countryside Properties with this scheme in Heywood. Our investment will give a timely boost to the house building industry and help first time buyers realise the dream of owning their own home.”

 Copper Wells is an impressive collection of traditionally designed two, three and four bedroom detached and semi-detached family houses situated in the heart of Heywood. Now two years into its development, Copper Wells has been a huge success with local people and buyers from around the region; attracted by its great specification and affordable prices.

For further information about Copper Wells please visit www.copperwells.co.uk or call us on Tel: 01706 691 733.  Alternatively visit our Show Village, open daily from 11am – 6pm and Mondays from 1pm – 6pm at 89 Argyle Street, Heywood, Lancashire, OL10 3RS.

 For more information regarding FirstBuy and to assess eligibility please contact enquiries@plumlife.co.uk or please visit www.plumlife.co.uk

 * Percentage of equity loan may vary, not exceeding 20%

**Source: Nationwide

***Source: RRPI UK