FirstBuy funding attracts homebuyers to Redrow’s West Midlands schemes

Redrow is providing a much-needed lifeline for prospective new homes buyers at two of its developments in the Midlands in the form of funds from the Government's FirstBuy purchase assistance scheme, which now available on selected plots at Chestnut Walk in Bilston and Heritage Gardens in Tipton, West Midlands.

With a selection of two-, three- and four-bedroom homes available across the two developments, first-time buyers and others eligible for funding under the FirstBuy scheme are spoilt for choice for property types to buy. Whatever their requirements and budget, they are likely to find a property to suit them at one of these sites.

Pauline Turnbull, sales director for Redrow Homes (Midlands), says: "Thanks to FirstBuy, those who thought homeownership was beyond their means could find it's much more affordable than they realised, enabling them to escape the rental trap or fly the parental nest sooner than they anticipated. They won't need a hefty cash deposit up front and should be able to access some of the better mortgage rates, usually reserved for those with lots of savings."

Under FirstBuy, the housebuilder and Homes and Communities Agency provides an equity loan of up to 20% of the purchase price to the buyer, who needs to find a five per cent deposit and 75% mortgage. The equity loan is interest free for five years, and repayable at any time up 25 years or when the property is sold, if sooner. It's a great way for those who want to have all the advantages of owning a new-build home to be able to afford to buy one, rather than making do with a less appealing second-hand property.

With FirstBuy, a two-bedroom ‘Evesham' home, with a market price of £116,995, can be purchased by an eligible buyer with savings of £4,680 and a mortgage of £88,916 - a total up-front price of just £93,596. The property has a lounge/dining room with French doors to the rear garden, a separate kitchen, downstairs cloakroom, two double bedrooms and a family bathroom - ideal for a single buyer, young couple or even two friends sharing.

"Some people starting out in life may think they have to compromise on style to be able to afford a home of their own, perhaps settling for an older property that's in need of lots of work and then having to invest time and money on repairs and renovations," continues Pauline. "FirstBuy offers them a chance to own a stylish new home with the opportunity to make individual design choices such as the finish of the kitchen cabinets or the bathroom tiles to truly make it their own from day one."

More first-time buyers and other eligible purchasers can now benefit from a stylish and well-equipped new-build home at two of Redrow's Midlands schemes, thanks to FirstBuy funding on selected plots in Bilston and Tipton