News & events
Buy a brand new home for up to 50% less than the market value in Earl Shilton
August 8th 2008
Thanks to a new Government scheme which is currently being offered by housebuilder David Wilson East Midlands, called 'MyChoiceHomeBuy', purchasers could buy a brand new David Wilson home for up to 50% less than the market value at its new home developments in Earl Shilton.
This initiative is being offered by David Wilson to first-time buyers and key workers who could not otherwise afford to buy a suitably sized home for their needs. It means that eligible purchasers who are earning between £15,000 and £60,000 per year could receive an equity loan of up to £65,000 towards purchasing a home of their choice on the open market, giving homebuyers an alternative route to affordable home ownership.
Phillip Lacey, Sales Director for David Wilson explained, "First-time buyers can often find it a real struggle to get the first foot onto the property ladder, finding that there aren't many options available to help them to buy a new home at an affordable price. This is exactly why this scheme has been developed. By offering buyers the chance to take advantage of an equity loan of up to £65,000, purchasers can reduce the size of their monthly mortgage repayments and ultimately be able to buy a home of their own when it may have otherwise been impossible.
"Plus by using this scheme, purchasers will eliminate the need for a deposit which is perfect for first-time buyers who may not have much in the way of savings. So why not come along to one of our developments in earl Shilton today and see how easy it could be to buy the home of your dreams."
This equity loan for MyChoiceHomeBuy is provided by the government and the amount homebuyers receive will depend on the mortgage they can afford, but it could be up to as much as £65,000. Homebuyers pay a small monthly fee on the MyChoiceHomeBuy equity which is capped at 1.75% for the first year and is then index linked so the repayments are manageable and predictable.
After homebuyers have lived in the property for one year they can continue to pay the equity off in steps, or in total, depending on what they can afford.
The price of repaying the equity percentage bought with MyChoiceHomeBuy will be based on the value of the home at the time they want to repay the equity loan, whether that is more or less than when they originally bought the property.
Back to News Stories