If you are a first time buyer looking to get on the ladder, then buying a home off-plan can be an attractive idea. Weston Homes’ new innovative, the First-Time SecureBuy scheme gives first timers the opportunity to secure a plot, at today’s price, for just a £500 reservation fee and a 5% deposit
Bob Weston, Chairman and CEO of Weston Homes developed this one-of–a-kind initiative. Once the first time buyer has paid the deposit and reservation fee, the home will be theirs and then, six months ahead of completion, First-Time SecureBuyers will be able to apply for a mortgage or the Government Help to Buy scheme and complete on the property in the usual way. If the buyer is unable to obtain a mortgage offer then they will receive a full refund of the reservation fee and deposit, however, any other costs, such as legal fees, incurred by the purchaser are non-refundable.
Bob Weston said, “Property developers, like Weston Homes launch newbuild developments 18-24 months ahead of build completion, however, when you apply for a mortgage for a newbuild home, your chosen property needs to be within six months of build completion, in order to be granted a mortgage. This then blocks first time buyers from accessing a property off-plan when the scheme is first launched. With our First-Time SecureBuy we are helping ftbs to get that all important first dream home and by reserving the property at the time of the launch it means they can take advantage of the cheaper cost of buying a home off-plan”
The scheme has been launched at their new developments, Langley Square in Dartford and Precision in Greenwich, which are both attracting a great deal of interest from first time buyers.