Stoke affordable homes scheme extended


Thursday 22nd April 2010

The affordable homes incentive, HomeBuy Direct, which permits first-time buyers to buy a 70% equity stake in a new home, has been extended at Taylor Wimpey's The Pinnacle, a selection of new homes in Stoke-on-Trent.

The extension of the affordable homes scheme means that a 70% share in a new home at The Pinnacle featuring three-bedrooms can be secured for £103,250 by homebuyers who qualify.

Furthermore, under the HomeBuy Direct initiative, purchasers need only to find a 5% deposit towards a new home at The Pinnacle - as little as £7,375 - and Taylor Wimpey will help arrange a mortgage covering 65% of the property price.

The remaining 30% equity is provided in the form of a great-value HomeBuy loan, which is interest-free for the first five years and low-interest for up to 20 years thereafter.

Daniel McGowan, regional sales and marketing director for Taylor Wimpey, comments: "We're delighted to announce that our HomeBuy Direct allocation for new homes at The Pinnacle has been extended, so even more first-time buyers now have the opportunity to own their own new property in Stoke.

"Demand for this sought-after scheme is always incredibly high, so I would urge anyone who thinks they may qualify for HomeBuy in Stoke to contact us as soon as they possibly can to find out more."

HomeBuy Direct is available to first-time buyers with a household income under £60,000.
New homes at The Pinnacle are located within easy reach of the Peak District, Stoke-on-Trent town city centre, and local shopping and leisure facilities.

Keele University is less than 10 miles away, while Alton Towers, Festival Park and Trentham Gardens offer plenty of opportunities for family days out.

The new homes development is just nine miles from the M6, and that Greater Manchester, the Midlands and North Wales are all within easy reach.