Wimpey will pay 25 percent of your mortgage

A leading housebuilder has launched an innovative new scheme that allows first-time-buyers to secure a mortgage on 75 per cent of the value of a property.

George Wimpey's EasyStart proposal allows a consumer to pay 75 per cent of the property through Halifax, with the other 25 per cent provided by the housebuilder as an interest free loan for up to ten years.

The scheme does not require the consumer to pay a deposit up-front and has been extended to a range of apartments at George Wimpey's Chapelhill development in Fife.

Karen Armstrong, sales and marketing director for George Wimpey East Scotland, insisted that the scheme could not be more straightforward.

She said: "The purchaser owns 100 per cent of the property from day one and is free to make payments during the ten year period to suit their individual circumstances."

Earlier this week, the NAEA renewed its calls for the government to abolish stamp duty for first-time-buyers.

Mortgages News posted on 16/07/2008 15:18:06