Developer Westco – part of Devon & Cornwall Housing group – is offering a special deal to help local people raise a deposit to buy one of its new homes in Bodmin, which are being built in partnership with the Leadbitter Group.
Under the new national FirstBuy scheme, Westco and Leadbitter will offer an equity loan to make up the shortfall between a first-time buyer’s deposit and the available mortgage, up to a maximum of 20% of the property sale price.
Mortgage lenders often require a 25-30% deposit and this, combined with high property costs and regional wages below the national average, has put home ownership out of reach for many people in the South West in the past.
Shelley Fowler,Business Investment Manager at Devon & Cornwall Housing group, said: “First-time buyers have been finding it very difficult to get onto the property ladder, due to issues around affordability and finding a large deposit.
“We think FirstBuy will be able to help turn what has, for many, been a dream of home ownership into reality.”
Charlie Scherer, Regional Director of Leadbitter’s South West Housing division, said: “We are delighted that we can now offer these fantastic new affordable homes in Bodmin to first-time buyers. With help from our partner, Westco, this new financing initiative will certainly make the Beacon Heights development even more appealing to potential buyers in the local area.”
Initially, 13 of the 33 homes for sale at Beacon Heights are available with FirstBuy. Several of the two and three-bedroom homes will be available for occupation before Christmas, with the rest ready early next year.
The new homes cost from £107,600 and are environmentally-friendly and energy efficient, reducing heat loss and carbon emissions from the buildings. More information can be found about the properties from Westco-Properties and Leadbitter homes.
Westco is one of around 100 housebuilders which have been selected to take part in the FirstBuy scheme.
