Housebuilder introduces its own scheme to help buyers get onto the property ladder

Multi-award-winning housebuilder Weston Homes has come up with its own purchase assistance scheme for first-time buyers and introduced it immediately to two of its current developments in Kent and south-east London.

The First-Time SecureBuy scheme is a way for those buying their first home to secure the property they want far ahead of the time limits normally insisted on by mortgage companies. While these usual regulations usually see first-time buyers having to miss out to cash buyers and investors when developments are released off-plan, this new scheme from Weston Homes allows them to reserve the plot they want some 18-24 months ahead of completion, and only apply for a mortgage six months before completion.

Bob Weston, chairman and CEO of Weston Homes says: “I am delighted to announce the First-Time SecureBuy initiative which is exclusively available at Weston Homes to support our first-time buyers. This initiative will be available at all Weston Homes’ schemes, and is being launched to coincide with the launch of Langley Square in Dartford and Precision in Greenwich – both of which are attracting a lot of interest from first-time buyers.”

With the scheme, the buyer has to put down a £500 reservation fee and a 5% deposit 28 days later, on exchange of contracts. It also secures the property at the price at the time of reservation, so that like investors, the first-timer can benefit from the increase in capital value between the reservation date and completion date.

Moreover, the scheme also allows buyers to use the government-backed Help to Buy scheme, which only requires a 5% deposit from the purchaser and offers an equity loan of 40% in London or 20% elsewhere in England.

Adding peace of mind to the deal, should a buyer under the Weston Homes scheme be denied a mortgage, they will be refunded their reservation and deposit, though any other costs, such as legal costs, incurred by the purchaser are non-refundable.

First-Time SecureBuy will be available at the Phase 2 launch of Langley Square in Dartford today (Friday 28 October) and at Precision in Greenwich from Friday 4 November.

The second phase of Langley Square sees the release of 158 new homes, set in four buildings, with a mix of one-, two- and three-bedroom units priced from £202,000.

Find out more at www.weston-homes.com ; 01279 873300