First time buyers can now own a two or three bedroom new home at selected Morris developments across the UK, with no purchase fees and a significantly lower monthly payment.
This means that first timers can afford to buy a brand new home worth considerably more than with a mortgage only. For example, they could own a three bedroom townhouse worth £169,500 with a mortgage of just £84,750.
Morris has made this possible by offering a special 'fee free package' to meet the costs of purchase combined with expert support on accessing the government's new Open Market HomeBuy scheme.
The combined package, open to all first time buyers earning a household income of between £20,000 to £60,000 p.a., means that there are no fees to pay for solicitors, searches or the Land Registry, no stamp duty and no need for a deposit.
Also, with the government's introduction of its Open Market HomeBuy scheme for a limited time, first time buyers are now eligible for up to 50% assistance towards the purchase of their new home with a very low interest loan.
According to government figures a household with an income of £32,000 should be able to afford a house worth £200,000, paying £760 a month. Outside the scheme, the cost would be £1,350 per month.
Visitors to selected Morris developments can receive expert advice and a simple step-by-step leaflet on how they can benefit from this scheme, which had previously only been open to key workers such as nurses and teachers, social tenants, and other 'priority' buyers.
Clare Crowther, Customer Service Director for Morris, believes that this new package provides the answer for many people who had believed they couldn't afford to own their own home.
"The government's decision to extend Open Market HomeBuy to all first time buyers offers hope to all those people who thought buying a property was beyond their means," says Clare. "In addition, we are offering to remove the costs associated with purchasing a home with our 'fee free package'.
"Our fully trained Sales Advisors and Independent Financial Advisors can provide further information to help people decide if the scheme is right for them, and also guide buyers all the way through the application process."
As an added incentive, the government has also announced the availability of Purchase Assistance Grants of £1,500 available for the first 2,000 people to complete under the new scheme. This money can be put towards the costs associated with setting up a new home, such as buying furniture or kitchen appliances.
Clare adds, "For buyers who need to keep a tight reign on their monthly expenditure the fact that they are moving into a new home is also good news. New homes often offer much lower running costs thanks to better energy efficiency, also there are none of the unexpected maintenance costs that you would get with a second hand home."
Morris' 'fee free package' is available at a selection of Morris schemes including Claremont, a popular development in the West Midlands (www.morrishomes.co.uk/claremont/), and the award-winning Fulwood Park development in Lancashire (www.morrishomes.co.uk/fulwood-park).
For details on how to take advantage of the Open Market HomeBuy scheme, contact Morris' sales enquiry line on 0845 601 5667. For more information about any of Morris' developments, visit www.morrishomes.co.uk.