First time Buyers in Newmarket Get a Helping Hand from David Wilson Homes

Oct. 20, 2010 - PRLog -- New buyers frequently find themselves between a rock and a hard place: if they can even find a mortgage that requires a small deposit, the interest rate is usually punitively high; if they need a more affordable repayment level, they have to find a much larger deposit, which may take months or years to find.

David Wilson Homes’ Head Start shared-equity scheme may solve that dilemma. The scheme allows new buyers to take a ten-year interest-free loan of up to 15% of the property price at their Martingales development in Red Lodge, requiring them to provide just a five per cent deposit. The remaining 80% can be financed with a mortgage, but one with a much more favourable interest rate than a mortgage of 95% of the property price.

Sales and Marketing Director at David Wilson Homes Eastern, Rebecca Littler sympathises with the difficult position that new buyers often find themselves in: “It seems very unfair that those struggling to get onto the property ladder face the highest costs in mortgage lending. That’s why our Head Start scheme works so well, as not only does it provide access to more affordable mortgage rates but it means that only a five per cent deposit is required upfront.”

Three- and four-bedroom houses at visit http://www.whathouse.co.uk/properties/david-wilson-homes-... Martingales come in a number of styles, with prices ranging from £189,995 to £249,995. With Head Start, a first time buyer could move into a new home for a deposit of £9,499. The development is set in a delightful rural area around seven miles from Newmarket and 11 miles from Bury St Edmunds.

Only a limited number of properties on the development will be eligible for the Head Start scheme. However, all David Wilson Homes properties come complete with a five-year guarantee over and above the requirements of the ten-year NHBC warranty, which will cover owners for many maintenance bills after they move into their new home.

http://www.whathouse.co.uk/new-homes-search?keys=newmarket
http://www.whathouse.co.uk/homebuilders/david-wilson-homes

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