Cruden Homes (East) Ltd and Taylor Wimpey East Scotland have been chosen to take part in a brand new shared equity initiative introduced by the Scottish Government, at their ‘Stirling Bridge’ development, in the Raploch area of Stirling. This good news provides a further opportunity for potential buyers to secure a new home within one of the most innovative regeneration developments in Scotland.
The introduction of the scheme, titled ‘New Supply Shared Equity Developer Trial’*, forms part of the Scottish Government’s ‘Low-cost Initiative for First Timer Buyers (LIFT), with Cruden Homes and Taylor Wimpey being among only a very limited number of leading developers successfully signed up to participate.
Primarily aimed at helping first time buyers, be they an individual trying to get their first foot on the property ladder or a family or young couple trying to secure their first home, the Scottish Government and the designated housebuilder will jointly fund the balance of a house price through an interest free equity loan, with the buyer funding the majority share.
The initial percentage share a buyer can secure is between a minimum of 60% and a maximum of 80%, but buyers also have the option to increase their stake at any time after the initial purchase, even up to 100% if they so wish.
For potential house-hunters at Stirling Bridge, this means that they could secure a three-bedroom mid-terrace home from Cruden, priced at £135,000 for only £81,000 if they bought with a shared equity stake of 60%. Similarly, buyers could purchase a two-bedroom, first floor flat with Taylor Wimpey, priced at £104,000, for just £62,400, or a three bedroom semi detached home priced at £135,000 for only £81,000 – each with a 60% stake. The remaining 40% would be split equally between the Scottish Government and the respective developer in the form of a 20% share each.
Should a buyer decide to sell their property, if they have a 60% shared equity stake, they will receive 60% of the market value of their property at the time they sell, with the Scottish Government and the developer each receiving their 20% share*.
Hazel Davies, sales and marketing manager at Cruden Homes (East) Ltd, comments, “While the housing market is moving in the right direction in comparison to this time last year, the choice of mortgage availability remains limited. This is where shared equity can provide invaluable support, especially for first-time buyers. We were eager to put Cruden Homes forward for this scheme and delighted that we have now been chosen to trial it at Stirling Bridge. “
Cruden Homes and Taylor Wimpey have shared equity available on 14 properties in total at Stirling Bridge, encompassing one and two-bedroom apartments to three-bedroom semi-detached and terraced properties, ensuring buyers have a varied choice available to them.
Karen Armstrong sales and marketing director, Taylor Wimpey East Scotland, says: “ The introduction of the ‘New Supply Shared Equity with Developers’ trial by the Scottish Government is a practical initiative that’s designed to assist first-time buyers into property-ownership, and I’m delighted that Taylor Wimpey East Scotland has been selected to play a key role in delivering this scheme at Stirling Bridge. We believe that it should offer first-time buyers the confidence, and the financial assistance they so badly need in order to make that first all-important step onto the property ladder.”
R3 represents a joint initiative between Cruden Homes (East) Ltd and Taylor Wimpey East Scotland, which is set to build 900 homes on behalf of the Raploch Urban Regeneration Company (URC) over a 10-year plan.
Situated off Raploch Road, the first phase of Stirling Bridge comprises a substantial mix of properties by both developers, ranging from one, two and three-bedroom apartments to two, three and four bedroom homes. All properties are built to Eco-homes ‘very good’ standard, to push forward the boundaries of environmental performance and every property is also fully-IT enabled. Each property is also finished to Cruden Homes and Taylor Wimpey’s exacting standards.
For further information regarding the eligibility criteria for the shared equity initiative, please call the Cruden Homes (East) Ltd sales centre on 01786 469 637, open Thursday to Monday from 11am to 5.30pm, and the Taylor Wimpey East Scotland Ltd’s sales office on 0845 671 1875, open Thursday to Monday from 10am to 5.30pm. Alternatively, visit www.stirling-bridge.co.uk or www.raploch.com