Leading London and Home Counties developer, Weston Homes has launched a new initiative called ‘First-Time SecureBuy’, which helps first-time buyers purchase property off-plan. The innovative new scheme gives first-time buyers the opportunity to secure a plot, at today’s price, for just a £500 reservation fee and 5% deposit. Six months ahead of completion, First-Time SecureBuyers will be then be able to apply for a mortgage, and complete on the property purchase as standard.
First-Time SecureBuy is a one-of-a-kind initiative, that was developed by Bob Weston, Chairman and CEO of Weston Homes to provide the opportunity for first-time buyers to purchase property off-plan when a new-development is just launched.
Bob Weston, Chairman and CEO of Weston Homes commented: “Property developers, like Weston Homes launch new-build developments 18-24 months ahead of build completion, however, when you apply for a mortgage for a new build home, your chosen property needs to be within 6 months of build completion, in order to be granted a mortgage. This then blocks first-time buyers from accessing property off-plan when the scheme is first launched. In response to this, I am delighted to announce the First-Time SecureBuy initiative which is exclusively available at Weston Homes to support our first-time buyers. This initiative will be available at all Weston Homes’ schemes, and is being launched to coincide with the launch of Langley Square in Dartford and Precision in Greenwich – both of which are attracting a lot of interest from first-time buyers.”
The First-Time SecureBuy initiative provides first-time buyers with an opportunity to secure a new home, off plan, 18-24 months ahead of build completion. Reserving a property at the time of launch, will enable first-time buyers to take advantage of the cheaper cost of buying a property off-plan.
To do this, first-time buyers will have to pay a reservation fee of £500, plus 5% exchange deposit on the property, within 28 days of reservation. 6 months ahead of build completion, first-time buyers will be able to apply for a standard mortgage to finalise the transaction and once the property is build complete a 10 day notice will be served for legal completion.
Should the First-Time Secure Buyer be unable to obtain a mortgage offer then they will receive a full refund of the reservation fee and exchange deposit, though any other costs, such as legal costs, incurred by the purchaser are non-refundable.
Weston Homes was founded in 1987 by Bob Weston and has grown into one of the major house builders in the South East. Forward-looking, Weston Homes has merged traditional house building with new-build technology. With an ever-expanding portfolio, Weston Homes has live schemes in Adderley Riverside in Bishop’s Stortford, Eastfields in Cambridge, Grand Central in Cambridge, Heron Gate in Chelmsford, Nightingale Rise in Buckingham, Rivermill Lofts in Barking, Southpoint in Southend-on-sea, Stratford Riverside in Stratford, The Denham Film Studios in Denham, The Elms in Mountnessing, Brentwood, The Foundry in Fish Island and The Gables in Peterborough. First-Time Secure Buy will also be available at the Phase 2 launch of Langley Square in Dartford on Friday 28th October 2016 and Precision in Greenwich which launches on Friday 4th November 2016.
