A new scheme for first time buyers could help house hunters in Scunthorpe to get a foot on the property ladder with only a four per cent deposit. The recently launched FirstBuy scheme applies on selected plots at Ben Bailey Homes’ Normanby Grange development in Scunthorpe.
At Normanby Grange a two-bedroom home can be purchased for as little as £86,396 with the FirstBuy scheme. Ben Bailey Homes’ sales manager, Markus Young, said: “The launch of the FirstBuy scheme is a real boost for first time buyers and we are delighted to be able to offer this option at Normanby Grange.
“It's called FirstBuy, but this government-backed scheme could easily be termed an ''easy-peasy buy''. It's designed to help first time buyers, or people who've previously owned, to get back onto the property ladder. Deposits required are lower than normal and you can benefit from the low repayments of an equity loan of up to 20 per cent of the purchase price which is also interest free for five years.”
With FirstBuy eligible applicants will be offered an equity loan of up to 20 per cent of the purchase price (based on the open market value) with the remaining 80 per cent being funded by a conventional mortgage. It means that first time buyers own 100 per cent of their new home from day one and benefit from lower monthly repayments. The buyer is required to find their own four per cent cash deposit.
Normanby Grange is a development of traditional two, three and four-bedroom properties located just two miles from the thriving town centre of Scunthorpe, which offers a range of amenities including two shopping centres and a variety of well known high street retailers.
Scunthorpe is in an excellent location for commuters with links to the M180, M18 and M1 all close by. For an escape to the country, head to the Lincolnshire Wolds, classified as an area of outstanding natural beauty, where you will find quaint market towns and villages plus miles of idyllic walks including the Viking Way long distance footpath.
For more information about Normanby Grange call: 08442 578596 or visit www.ben-baileyhomes.com. The sales centre at Normanby Grange is open daily between 11am and 5pm.