FIRST-TIME buyers in Wealden will be given a helping hand with a new Government scheme which offers a loan to cover part of the mortgage.
Under the First Buy Scheme, prospective first-time buyers need to provide a five per cent deposit and they can take out a mortgage for up to 75 per cent of the value of the property.
The remaining 20 per cent is paid out through a loan from the Government.
The scheme will be available through 12 housing schemes across district.
Councillor Graham Wells, cabinet member for affordable housing at Wealden District Council, said, “The average price for a flat or maisonette in Wealden fell in the first quarter of 2011.
“But at an average price of £159,000 Wealden is still the most expensive district in East Sussex.
“What is just as worrying is that the number of flats and maisonettes sold in Wealden during the first quarter of the year was just 38 - that is the lowest number of transactions for any quarter since the beginning of 2009.
“That is why the opportunities which are offered by the First Buy Scheme are so important.
“I would encourage people looking to get on the first rung of the housing ladder to consider the new First Buy Scheme.”
Five developers in Wealden have arranged for a selection of their new developments to be marketed through the First Buy Scheme.
The government loan subsidises 20 per cent of the cost of property and is interest free for the first five years.
The loan is repaid when the property is resold, but the first time buyer is able to retain any profit that may have been made on the sale of the property.
First Buy opportunities in Wealden are available through developers at the following locations: Barratt Homes, Five Ash Down and Heathfield, contact 01959 568400 or Southern Counties 01483 505533 or visit www.barratthomes.co.uk.
Bloor Homes, Hempstead Lane, Hailsham, contact 01635 31555 or visit www.bloorhomes.com.
AffinitySutton, Uckfield, contact: 0300 100 0303, or visit www.affinitysutton.com/buy_or_rent_a_home.aspx
Persimmons Homes, Uckfield, Hellingly and Maresfield. Contact 01329 514300 or visit www.persimmonhomes.com
Taylor Wimpey Hailsham, Buxted and Stone Cross. Contact 01732 836 000 or visit www.taylorwimpey.co.uk