FirstBuy scheme launched

first-time investor David Wright
first-time investor David Wright

First-time buyers in Derbyshire will soon be given a helping hand on to the property ladder, thanks to the government’s new £250m FirstBuy Scheme and Housebuilder Morris.

Morris and the Government will jointly provide a 20 per cent loan to top up first-time buyers’ own deposit of five per cent. This will allow potential buyers to take out a mortgage for 75 per cent of the property, meaning those who might have previously settled for renting can actually choose from a range of new properties in the Derbyshire area, such as the hugely popular City Point, in Derby, and Cromford View, in Ripley.

The deposit loans are interest free for the first five years and repaid when the property is resold. The funds will then be recycled to fund more homes for the scheme.

Commenting on the FirstBuy scheme, regional sales director Cindy Vials said: “This new scheme is a real boost to those who can afford mortgage repayments but are struggling with their deposit. I’d urge potential first-time buyers to visit one of their local Morris developments as there are some stunning homes included in the scheme which they could be moving into very soon.”

Experts will be on hand at Morris’ City Point and Cromford View developments on Saturday 23 and Sunday 24 July to offer advice to first time buyers and the new First Buy Scheme.

An independent financial adviser will be available to speak to people at the Morris development between 10.30am and 5.30pm on both days to guide first timers through the process of buying a new home, offer advice on different mortgage types and advise them on how First Buy can help them get on the property ladder.

For more information on Morris’ FirstBuy schemes visit the www. morrishomes.co.uk website.