Buy a home with just £5875 deposit – Weston Homes launches Newbuy scheme

Homebuyers looking to obtain mortgages with just a 5% deposit can now take advantage of the Government’s NewBuy scheme now available at all Weston Homes’ developments.

With the majority of mortgages currently requiring 10-20% deposit, and with most of the best deals reserved for those with even higher deposits, the scheme opens up the prospect of buying a brand new home to those currently excluded, and is open to both first-time buyers and previous home owners.

NewBuy is available across all 14 of the currently active Weston Homes sites, making properties up to the value of £500,000 available to a wider spectrum of buyers who may need a helping hand. With prices for one bed apartments as low as £117,500, it means prospective buyers could realise the dream of home ownership with a deposit from as little as £5,875.[1]

Prospective homebuyers can take advantage of NewBuy to purchase a Weston Homes coastal apartment in Whitstable, a townhouse in West Drayton only 25 minutes from London, a flat in Colchester, England’s fastest growing town, or even a family home set in the beautiful rolling hills of the Sussex Downs.

Bob Weston, Chairman and Managing Director of Weston Homes, comments: “We know from our own experience that there is the demand for new homes, but by far the biggest barrier for buyers is mortgage availability.

“NewBuy offers the prospect of home ownership to a large section of the population currently excluded from the housing market.”

According to a report released by the Department for Communities and Local Government in February 2013, 1,522 homes have been sold under the scheme since it launched a year ago.[2]

The Weston Homes ethos of building high quality, affordable homes remains strong on the fringes of the capital and in the Home Counties. In the last six months alone Weston Homes has launched five developments across the South East and has continued to cater to demand at existing developments by releasing new phases of further properties providing a range of layouts, sizes and pricing.

With NewBuy a property in Basildon can be secured for £6,350, West Drayton for £9,649, Uxbridge for £13,499, Cambridge for £11,999, Littlebury for £14,999 and in East Sussex for £16,250.

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