Government loans could help Uckfield first-time home buyers

Help is available for first time buyers looking for homes in Uckfield, Five Ash Down, Maresfield and Buxted through a scheme being promoted by Wealden District Council.

The council says government loans of 20 per cent of the value of a property are available through the First Buy Scheme which is designed to get first-time buyers on to the property ladder.

First time buyers are urged to contact developers who are building in the town and nearby villages to learn more about the scheme.

They would have to provide a five per cent deposit but could then take out a mortgage for up to 75 per cent of the value of the property and top up with the government loan.

The loan is interest-free for the first five years. It has to be repaid when the property is resold but the first time buyer is able to retain any profit made on the sale.

Cllr Graham Wells, Wealden Council cabinet member for affordable housing, said: “The average price for a flat or maisonette in Wealden fell in the first quarter of 2011 but at an average price of £159,000 Wealden is still the most expensive district in East Sussex.

“What is just as worrying is that the number of flats and maisonettes sold in Wealden during the first quarter of the year was just 38 – that is the lowest number of transactions for any quarter since the beginning of 2009.

“That is why the opportunities offered by the First Buy Scheme are so important. I would encourage people looking to get on the first rung of the housing ladder to consider the new First Buy Scheme.”

Developers building in the Uckfield area include Barratt Homes at Five Ash Down, Affinity Sutton in Uckfield, Persimmon Homes in Uckfield and Maresfield and Taylor Wimpey (South) at Buxted.