Scheme helps first time buyers

New scheme aims to help first time buyers onto the manchester housing market!

By Fusion Lifestyle Reporter
March 15, 2012, 9:40 am
Scheme helps first time buyers

With the launch this week of the Government-backed homebuying scheme NewBuy, Bovis Homes has signed up with three major high street lenders – Nationwide, Barclays (Woolwich) and RBS (NatWest) – to support them in getting the 95% mortgage into the Manchester housing market. 

NewBuy promises to open the door for both first-time buyers and existing homeowners in Manchester, providing a homebuying solution which requires just a 5% deposit and is available to UK citizens buying new-build properties priced up to £500,000 as their main home in England. The three lenders are the first banks to back the scheme, with more expected to come on board in due course.

"Bovis Homes have given 100% support to the development of this 95% mortgage solution,” said Bovis Homes Chief Executive David Ritchie. “We’re delighted to have positive agreements with these leading lenders who are backing NewBuy with competitive interest rates.

"We want to hit the ground running with NewBuy and there is a real level of commitment among housebuilders, lenders and Government to make it work for the country’s homebuyers.”

“We have now delivered a powerful new purchase assistance scheme into the marketplace and it is one that we hope will allow significant numbers of new buyers to realise their aspirations of getting on or moving up the property ladder,” added David.

"Higher deposits have undoubtedly been a significant factor in slowing down the market but this new 5% deposit requirement promises to give the market a major boost – especially as it is available to existing homeowners and first-time buyers alike.

More information on Bovis Homes developments, NewBuy and other purchase assistance packages can be found at www.bovishomes.co.uk. 

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