Bellway plans weekend of events to guide first-time buyers after Your First Home details announced

Bellway is organising events in County Durham to answer first-time buyers’ questions about a new Government homebuying scheme. Details of the Your First Home scheme – which will offer support to people trying to get onto the property ladder – are set to be announced in the Budget on Wednesday 28 October.

Bellway is holding First-Time Buyer Events on Saturday 31 October and Sunday 1 November to help first-time buyers find out more about the scheme and what it could mean for them.

The events in County Durham will be held at:

• DH1 and The Green at DH1, Durham
• Oakwood at Wynyard Park in Wynyard
• Hedworths Green at Lambton Park, near Chester-le-Street
• Monument Meadows in Pelton
• Hartwell Park in Hartlepool
• Baydale Village in Darlington
• Serenity at Baydale Village in Darlington, where Bellway is building homes under its Ashberry Homes brand.

Lindsey Oliver, Sales Director for Bellway Durham, said: “We understand that the homebuying process can seem daunting, especially for first-time buyers, and our aim is to make it as easy and straightforward as possible.

“Full details are still to come from the Chancellor in the Budget, but the Government’s new Your First Home scheme could enable first-time buyers to purchase a new home with just a 2.5 per cent deposit.

“We know people will have questions about what it really means for them in practice, so we’ve organised these First-Time Buyer Events as soon as possible after the Budget to guide them through it all. The events will also be an opportunity to find out more about the range of support and incentives that are already available, such as deposit contributions, discounted homes schemes and low or no-deposit mortgages.

“First-time buyers will also be able to speak with New Homes Mortgage Helpline, who can talk them through mortgages and what’s possible for them.”

Young couple Jacob Southgate and Harmony Pearce bought their first home together a year earlier than they were expecting after receiving a deposit contribution from Bellway. They purchased a two-bedroom semi-detached Joiner house having spent the previous year living with Jacob’s parents to help save up for a deposit.

Jacob said: “We knew we wanted to buy new because of the convenience, the price, the incentives and the fact that no-one has lived in it before. We were thinking of either two or three bedrooms but when we looked at the plans for the Joiner we realised it had everything we needed.

“The plan was always to put down 10 per cent so without the contribution from Bellway we would have waited as the monthly mortgage payments would have been too much. It would probably have taken us another eight to 12 months to save up what we needed so this has helped us to buy our own place much sooner. We’re so excited to have our own space, somewhere that’s ours.”

Initial details about Your First Home were announced by the Government in September. The scheme is for first-time home buyers, who would need a minimum 2.5 per cent deposit. A 20 per cent Government-backed equity loan would be available towards the purchase price, with a 77.5 per cent mortgage from a participating lender required to cover the balance.

The scheme would be for new-build homes only from participating housebuilders in England only. Additional eligibility criteria are still to be confirmed, which may include property price caps and income checks.

To register for updates about Your First Home and to find out more details, visit www.bellway.co.uk/buying-with-bellway/your-first-home.

First-Time Buyer Events start at 10am on Saturday 31 October and Sunday 1 November, and people can book an appointment at their chosen development or drop in on the day.

Details about Bellway developments in County Durham can be found at www.bellway.co.uk/new-homes/durham and www.bellway.co.uk/new-homes/north-east.