London, United Kingdom (PressExposure) March 08, 2011 -- Because of the currently difficulty in getting a mortgage from lenders and the large amount of deposit that is required to put down on a new home, buying a first home has become increasingly difficult over the past two years for first time buyers. A report from the House Builders Federation stated that the average age for a first time buyer could reach up to 38 years old.
One initiative is the Jumpstart scheme offered by house builder Bovis Homes. Their scheme is a shared equity scheme and allows buyers to own their entire home by paying 85% of the full asking price. Another incentive being offered is a mortgage that requires a modest 10% deposit which will help cash-strapped buyers who cannot spare money for a large deposit.
Other shared equity schemes being offered by house builders involve zero interest or rent being paid on the part-rent amount of the property for up to ten years. A deposit gift and matching scheme has been launched by Taylor Wimpey. This means that up to 5% of the deposit is gifted by the scheme or alternatively if 10% of the deposit is being paid, this is matched by the house builder. Barratt have launched a scheme to incentivise first time buyers by offering a 15% interest-free loan for up to ten years on an 80% mortgage with the buyer putting a deposit down of 5%.
All of these schemes are included for a range of new developments in Wales around the Swansea, Pontypridd and Llanelli areas and are available to couples, families and single householders. The new homes include one, two and three bedroom homes that are easily accessible to local schools, shops, leisure facilities and major transport roads and routes.
What House? is a leading property website that features thousands of new homes in Wales as well as across the UK. It also provides the latest property news, valuation of homes and property and mortgage advice. Over the last 30 years, What House? has held their annual What House? Awards, which are the longest established New Homes awards in the UK recognising UK house builders and developers across 23 categories.