PLUMLIFE, the not for profit company responsible for delivering affordable HomeBuy schemes in Greater Manchester, is urging first time buyers in Wigan to act swiftly if they want to take advantage of the coalition government's new FirstBuy equity loan scheme.
Since its launch in September, Plumlife has been inundated with enquiries about FirstBuy, and has already wrapped up several sale completions at Barratt Homes’ Pennington Park and Holme Park developments, as well as Morris Homes’ Gadbury Fold homes. There are also numerous sale reservations outstanding, seven of which are at Redrow’s popular College Court development. Some of these are expected to be completed in time for Christmas.
Aimed at helping working people get a foot on the housing ladder, FirstBuy is the brand new low-cost home ownership scheme aimed at helping working people get a foot on the housing ladder. Similar to the last government’s popular HomeBuy Direct initiative which ends in March 2012, it offers eligible buyers a 20% equity loan, funded jointly by the Homes and Communities Agency (HCA) and house builders. The buyer needs only to come up with a 5% deposit.
FirstBuy in Wigan is now available at several prestigious new-build- developments, offering a much needed boost to the first time buyer market.
But demand is high and funding is limited, so Plumlife is encouraging keen first time buyers to contact them to find out more, and take advantage of the scheme while they can.
A total of £180m has been allocated to the scheme nationally, giving around 10,500 first time buyers the opportunity to fulfil their home ownership dreams.
Matthew Harrison, deputy Chief Executive of Plumlife, said: “First Buy is good news for first time buyers in Wigan, but nevertheless, funds are limited and we need to make sure that we make the most of the help while it lasts.
“We’re pleased with the proportion of funding dedicated to Wigan and it’s our job now to make the application and buying process as straightforward as possible. My advice for first time buyers interested in the scheme is to act sooner rather than later to avoid missing out. “
For information on FirstBuy and other HomeBuy schemes, go to www.plumlife.co.uk or call 0161 446 5151.
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