Assistance for First-time Buyers in Derby

Good news for home buyers and Solicitors in Derby; Morris Homes is currently offering first-time buyers the opportunity to get on the property ladder by offering the government’s recently launched FirstBuy scheme on a number of their new housing developments in the area.

The new scheme has many first timers buzzing about the possibilities which lie ahead and is designed primarily to assist those who cannot put together enough of a deposit to satisfy a lender’s requirement. Increasing house prices and lender requirements have led many potential buyers to head towards the rental market or stay where they currently are, however this is no longer the case for those looking to buy a property in Derby.

Eligible applicants will be offered a loan of up to a maximum of 20% of the purchase price (based on the open market value). The registered provider will hold the second charge on the property. Applicants are required to fund at least 80% of the purchase price by means of a conventional mortgage, savings and any deposit where required. Applicants must obtain their conventional mortgage from a lending institution. For the first five years there is no fee charged on the equity loan component.

New housing developments in Derby

There are a number of new housing developments currently underway in Derby by Morris Homes that are part of the new scheme.

City Point at London Road, Derby, DE24 8UG is a mix of three and four bedroom dwellings, as well as apartments, ranging in price from £152,750 - £279,750.

The development is only a mile and a half from the centre of Derby and even closer to the two main shopping centres – plus a Sainsbury’s and the mainline railway station a little over a mile away. Home owners can enjoy the peace and quiet offered in a residential neighbourhood, while remaining close to the excitement and energy of the city.

If you are purchasing a home in one of Derby’s new housing developments, it is also important to instruct an experienced Solicitor who is familiar with the ins and outs of Conveyancing, as the process differs slightly from the typical Conveyancing process.

For more information from Conveyancing Lawyers in Derby, contact Fridaysmove on 0330 660 0286.