FirstBuy Helps New Homebuyers With Bovis Homes

Online, December 11, 2011 (Newswire.com) - A new homes development in Bristol is the first in Bovis Homes' extensive portfolio to welcome customers who have purchased with the new Government-backed FirstBuy assistance scheme. Thirty-year-olds Michael and Maryl Steyn have moved into a brand new three-bedroom house at The Hollies, in the suburb of Speedwell, and they are delighted to have finally got onto the property ladder with help from Bovis Homes and the Homes and Communities Agency .

Michael says: "We got married about two years ago, and since then have been discussing buying a house, or at least getting onto the property ladder. We were renting a flat in Bedminster originally and always felt our money was just being wasted, although we did have to have a roof over our head. FirstBuy represented an affordable way for us to get onto the property ladder. Saving a deposit up to a minimum of 20% to 25% of the value of the property had been an extremely daunting prospect but FirstBuy gave us the opportunity to buy through the support of an equity loan, with only a five per cent deposit needed from us."

With FirstBuy, up to 20% of the full price of a property can be deferred for up to 25 years - the buyer only has to provide a five per cent deposit and find a mortgage of 75% of the price. The balancing equity loan is provided equally by Bovis Homes and the Homes and Communities Agency and is interest free for the first five years, repayable when the homeowners have more funds available or when they come to sell the property.

The Hollies features a range of apartments and houses for sale, located just four miles from Bristol city centre. Prices start at £129,995. There are two show homes available to view by appointment, one of which is the 'Portman' townhouse, which is the type of property that the Steyns purchased.

"We completely fell in love with the 'Portman' as soon as we saw it," says Maryl. "It had everything we were looking for - a garage, three bedrooms and a garden. The price was also within our budget and the repayments are just a bit more than what we were paying in rent. We really feel we have settled down and feel so much more relaxed knowing we have our own house. We can now plan things for the future better and just want people to visit us all the time."

The couple were delighted at how straightforward the buying process is with FirstBuy, thanks to the efforts of the local HomeBuy Agent and the Bovis Homes team. Michael says: "Bovis Homes were extremely helpful and supportive through the buying process, which was great as this can be a really stressful experience for first-time buyers. It's absolutely amazing finally having our own home and there's a great sense of freedom - we can do what we want, when we want."