Newspaper article The Journal (Newcastle, England)

New Step to Get on the Ladder

Newspaper article The Journal (Newcastle, England)

New Step to Get on the Ladder

Article excerpt

FIRST-time buyers are being offered extra help by a variety of builders.

One of the latest initiatives to help people on to the property ladder is from McInerney Homes, at the company's developments in South Shields and Langley Park.

First Step is a shared equity scheme to be rolled out to a number of other developments in coming weeks. Sales director Gary Anderson said: "Using First Step, we will provide an interest-free loan for 25% of the purchase price of the new home for up to 10 years, secured by a second charge on the property.

"This injection of a quarter of the value at this stage of buying for the first time, should make the first step much easier, and also assist with a mortgage application as it acts as a sizable deposit. There is no rent or other charges to pay on the 25%.

Buyers own 100% of the property for just 75% of the price.

"The sum to be repaid to McInerney Homes will be 25% of the value of the property at the time of the first sale or re-mortgage, or at the end of ten years. …

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