Rippon Homes is helping first-time buyers fly the nest by offering the Government-backed FirstBuy scheme on most of its current developments.
As the most affordable way to buy a first home, the initiative allows buyers to secure their property of choice with just a five per cent deposit and 75 per cent mortgage, with Rippon Homes and the Government jointly providing an equity loan for the remaining 20 per cent.
Rippon Homes currently has a number of ideal FirstBuy properties at Debdale Rise and Heathside Gardens in Mansfield, Stuart Court in Forest Town, Kensington Place in Ilkeston, Manor View in Overseal, and The Hawthorns in Bilsthorpe.
While FirstBuy is predominantly aimed at first-time buyers, those who have had to step off the property ladder are also eligible for the scheme, making the experience of buying that all important property an easier one.
John Jones, managing director, said: “FirstBuy is the best scheme there has ever been for buyers looking to purchase their first home, but we believe more people should be taking advantage of it to get onto the property ladder.
“As with any scheme, buyers may be concerned of a catch in the small print, but with FirstBuy there isn’t one and that’s the reason why Rippon Homes is proud to support it; I’ve worked in the house building industry for many years and this is the best initiative I’ve ever seen for helping buyers take those exciting first steps onto the property ladder.
“By offering FirstBuy at our developments we’ve already helped a number of buyers get the keys to their very own front door and we’re hoping to help many more over the coming year by making buyers more aware of the scheme and how it works.”
FirstBuy is available on newly built properties priced up to £280,000 and anyone with a household income of up to £60,000 may be eligible to buy their first home using the scheme.
Half of the funding for the FirstBuy equity loan is provided by a local HomeBuy agent, who administers funding for the Government’s Homes and Communities Agency, while the rest is provided by Rippon Homes.
Mr Jones continued: “A three-bedroom house priced at £119,950 at our Hawthorns development in Bilsthorpe can be secured with an affordable deposit of £5,998 and a mortgage worth £89,962, resulting in a monthly mortgage of £456 at today’s rates, making it cheaper to buy than to rent a similar property which has to be good news for those currently renting.
“The remaining sum of £23,990 will be provided as a loan, which is interest free for the first five years and is available for a maximum of 25 years.”
For those who are interested in the scheme, but are unsure how it works, the Rippon team will be happy to offer jargon-busting advice to those wanting to find out more about buying a home at any of its developments.
Mr Jones adds: “I would urge anyone thinking about buying their first property or returning to the market to visit the Sales Office at their preferred development, where our experienced and knowledgeable Sales Advisers will be able to talk you through how the scheme works, whether you’re eligible and answer any questions you may have.
“What’s more, our Sales Advisers can also put you in touch with an independent financial adviser, so you can work out how much you need to save for a deposit, the type of mortgage that suits you and how much you can afford on monthly repayments.”
Find out more about buying a Rippon home with FirstBuy by visiting Rippon Homes or calling the sales hotline on 0800 1697644.