OWNING your own home has many benefits, but many buyers still think that they cannot afford to buy. However, David Wilson is helping to help change this perception and homebuyers in Staffordshire will soon discover that it could be cheaper for them to buy than rent at David Wilson Mercia's Burgess Brook development on Keele Road in Newcastle-under-Lyme. A selection of two-bedroom apartments are currently available to buy at Burgess Brook with the help of a new Government scheme called HomeBuy Direct. This scheme allows purchasers to receive between a 15 per cent and 30 per cent equity loan on the value of their new home, meaning that the two-bedroom apartments which are priced from £97,950 could be available to move into from as little as £68,500. Carole Ashworth, Sales Manager for David Wilson Mercia commented, “HomeBuy Direct is a fantastic scheme which means that current homeowners who need to upgrade to a bigger home because they need the space may find that they are now able to afford to do so. Plus anyone currently struggling to get their foot on the property ladder could soon find that their dream becomes a reality. “Homebuyers are often overwhelmed at the prospect of having large monthly mortgage repayments, but with the chance to move into a home for less than £69k with HomeBuy Direct, the monthly mortgage figure could be much less than the average monthly rental figure of £623 for Newcastle-under-Lyme.*” Mark Clouston, Regional Director at Mortgage Talk, the independent mortgage broker firm recommended by David Wilson explained, “With the HomeBuy Direct scheme on a property of this value, homebuyers can expect an average monthly mortgage repayment of £311.72** which compares very favourably with the rental figures for the area.” Carole continued, “Owning a home of your own can provide many benefits such as increased flexibility and security, plus it remains to be a great investment compared to those who rent, who will see no return on their money. This is a great chance to move get a foot onto the property ladder whilst saving money, so why not come along to Burgess Brook and find your dream home today.” Eligible purchasers using HomeBuy Direct will benefit from a 30 per cent equity loan which is jointly funded by David Wilson and the Government. The final 70 per cent is financed by the purchaser either with a mortgage or a deposit. Paul Spooner, regional director for the West Midlands division or the Homes and Communities Agency, said: “In the current climate it's important that we help a range of people to find the best housing option to suit them, and simultaneously help stimulate the building of new homes. HomeBuy Direct, with our £400 million investment, is just one way in which we're doing this and it is proving extremely popular.” The scheme is open to first-time buyers, key workers and others who are currently renting. People who have previously owned a home but are now unable to do so – perhaps where relationships have broken down – can also apply. Households eligible will be earning less than £60,000 and would not normally be able to afford to buy a suitable property on the open market. There is no interest to pay on the equity stake for the first five years, although a small fee will be charged from year six onwards. Burgess Brook also offers a selection of three- and four-bedroom houses priced from £172,500. For more information, please contact the sales office on 01782 628 438 open daily from 11am to 6pm and from 9.30am on Saturdays. Alternatively please call the sales hotline on 01676 525 484 or log on to www.dwh.co.uk/burgessbrook *The average monthly mortgage figure is based on a purchase price of £68,565 plus a five per cent deposit (mortgage for a total of £81,937). This is a two year fixed term mortgage with Halifax taken over 40 years. With an interest rate of 4.89 per cent fixed until 30th November 2011 with a £499 arrangement fee. The actual rate available will depend upon your circumstances. Ask for a personal illustration. The mortgage is subject to status and credit scoring by the lender the example does not represent any form of mortgage offer and does not oblige the lender to provide a mortgage. YOUR HOME MAY BE REPOSESED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. *Monthly rental figure taken from www.findaproperty.com NOTES TO EDITORS: 1. For further information about Burgess Brook or David Wilson Mercia please contact Hannah Elwell, Director of PR or Marina Boor, PR Account Executive on 0116 247 1777 or hannah@unsworthsugden.co.uk or marinab@unsworthsugden.co.uk. 2. Part of Barratt Developments PLC, David Wilson Homes is one of the country's leading house builders and operates nationwide, offering a wide portfolio of homes including apartments and townhouses. 3. Customer service is our priority. Some 91 per cent of our existing customers say that they would recommend us to a friend. 4. Images of a selection of developments are available to the media at http://www.barrattdevelopments.co.uk/media/photographs/davidwilsonhomes/ David Wilson Sales Negotiator Carol Andrzejak