- Image by myfirsthome via Flickr
Originally introduced in North Scotland earlier this year, the First Time Buyer product proved a storming success with sales secured in the first few hours of its launch weekend and all selected properties sold out within a month.
Now, as the First Time Buyer market shows signs of activity and mortgage enquiries begin to rise¹, Stewart Milne Homes is launching the product across the country and offering another chance to get started on the property ladder, but only while the selected range of properties last.
Using market research to identify the real blockers to first time buying, the specially tailored product presents an all-encompassing and effective homebuying plan that not only provides both the financial tools and practical solutions required, but creates a one-stop-shop to lead buyers through the process step-by-step and make home ownership easy and a more financially sound option than renting.
A key part of the Stewart Milne Homes’ purchase plan ensures that the deposit is manageable. Whilst lenders have been reducing their deposit requirements for first time buyers, the average still remains at around 21 per cent². With the First Time Buyer product, customers not only benefit from a mortgage for only 75 per cent of the property price, which significantly reduces monthly payment amounts, but require just 5 per cent of this portion as a deposit.
Using this purchase plan, a buyer owns 100 percent of the property from day one whilst being financially responsible for a more manageable amount. The remaining balance is then deferred, interest free, for up to ten years or until the property is sold.
The First Time Buyers product includes mortgage protection, home insurance and factoring fees for the first year and covers all legal and survey costs associated with the purchase. In addition, the package ensures buyers can move straight into a new property fully kitted out with carpets and curtains/blinds throughout; furniture for the living area, plus master and second bedrooms; a fully fitted kitchen complete with stainless steel oven and hob, fridge freezer, washer dryer and microwave; a home cinema including 40″ plasma TV, DVD player and Sky Box with a year’s free subscription.
John Slater, Group Managing Director – Homes, commented:
“We are delighted to extend such an effective purchase plan across Scotland and help more first time buyers secure their ideal property and become homeowners. The success of our launch earlier this year and the quick sell-out of properties is a real testament to the quality of our product and, as the market regains momentum, we have every reason to expect the same level of demand as we roll it out across the country.”
The First Time Buyer plan is available on a range of attractive and spacious new apartments and houses across Scotland, all built with the Stewart Milne Homes’ focus on quality and modern living. For further information visit stewartmilnehomes.com
For further information contact:
Debbie Standen
CM Porter Novelli
0131 470 3400
debbie.standen@porternovelli.co.uk
Notes:
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¹ – FT.com, 01 Sep 2009: Mortgage enquiries from first-time buyers are rising again, according to Unbiased.co.uk
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² – MoneyHighStreet.com, 15 September 2009: Mortgage lenders demand lower deposits from first time buyers
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The First Time Buyer plan is available on selected Stewart Milne Homes’ properties at selected developments. Terms and conditions apply.
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