East Anglian housebuilder announces special events for first-time buyers at developments in Norfolk and Suffolk.
Recent figures from the Yorkshire Building Society suggest that 2023 was the worst year in a decade for first-time buyers. Rising interest rates, inflation, and pressures from the cost of living have all made it difficult for first-time buyers to secure mortgages or afford to make the move.
Denbury Homes recognises these issues and has announced the dates of several events, along with a range of tailored buying schemes aimed specifically at supporting first-time buyers and their dreams of homeownership.
The following events to help those wishing to step onto the housing ladder:
Saturday 13th January at Mattishall and Thurston
Saturday 20th January at Debenham and Elmsett
The events will give buyers the chance to explore show homes and some of the homes currently available at these developments. There will also be free independent financial advice available from Just Mortgages who will be on hand to talk buyers through tailored buying schemes.
Sara Raven, Director of Sales & Marketing at Denbury Homes said: “Last year was tough for first-time buyers. Without substantial deposits and with interest rates rising, they were quickly priced out of the market. We’ve worked hard to design some exciting initiatives specifically created to help first-time buyers make their move.”
Some of the main schemes available are:
Rate Reducer – for buyers who have a 10% deposit.
Denbury Homes contributes towards the buyer’s mortgage, bringing monthly payments down so that in essence the buyer is paying a much lower interest rate on their mortgage.
For example, on a £255,000 home where the best rate is 5.53% for a 2-year fixed rate*, initial repayments should be £1,307 per month. With a maximum 5% contribution from Denbury Homes (£12,750), this is reduced to £531 per month (the equivalent of a 1.35% rate)
*Example uses a 30-year mortgage term and 90% Loan to Value. Interest rate was best available on 20/12/2023. Rates may vary subject to lender changes, clients’ circumstances, and criteria.
Developer Contribution – for buyers who have a 5% deposit.
Denbury Homes will contribute up to 5% towards the buyer’s deposit to enable them to unlock the best mortgage rates.
Deposit Unlock – Backed by the Home Builders Federation,
Denbury Homes pays into the scheme on the buyer’s behalf to enable lenders to offer a favourable mortgage rate.
Terms and conditions: Schemes are available to first-time buyers on new reservations taken up to and on 31st January 2024. Only available on selected plots and selected developments subject to financial qualification by Just Mortgages and/or Evolve Financial Services. Standard terms of business apply.
Sara continues: “These schemes are some of the opportunities we can offer first-time buyers. It can be daunting starting out on the search for your first home, but our sales team will be on hand to talk buyers through the process and the independent financial advisors will take the circumstances of each buyer into account individually and find the best option for them.
“We have homes at each of these four developments that are ideal for first-time buyers, such as The Chaffinch at Debenham, priced from £280,000 or The Ness at Mattishall priced from £250,000. Some of them are nearing competition so buyers will be able to move in quickly and enjoy 2024 in a home of their own.
“We’ve already seen an uptick in visitors to our developments in the last few weeks so we recommend buyers make an appointment to ensure they can get the most out of their visit.”
First-time buyers can make an appointment at any of the events by visiting www.denburyhomes.co.uk or calling individual developments as follows:
Barleyfields, Debenham – 01449 763291
The Hornbeams, Elmsett – 01473 913164
Thurston Park, Thurston – 01284 339118
The Kingfishers, Mattishall – 01262 410539