Local housebuilder Morris Homes, which is developing Paget Green in Burton-upon-Trent, is offering extra help for first time buyers, following new mortgage lending rules which came into effect in April.
The rules, set out in the Mortgage Market Review (MMR), mean that lenders will conduct a full affordability check on mortgage applicants.
However, in a recent survey commissioned by Experian, more than half of aspiring homebuyers have reported confusion about the new rules, and 1 in 4 aren't aware that they will need to speak with an advisor before getting a mortgage.*
To help ease the process, Morris will be holding a dedicated open weekend for first time buyers in Burton-upon-Trent on 14th and 15th June, to give them the chance to speak to an independent financial advisor about preparing for a mortgage application.
Mark Clouston, a mortgage advisor based in Wolverhampton said: "The new mortgage lending rules will help ensure that buyers can comfortably afford their property, both now and in the future. The new process shouldn't put people off taking their first step on the property ladder, it can be straightforward given the right advice and guidance."
Cindy Cade, sales director for Morris, said: "There are plenty of schemes available to help first time buyers, such as Help to Buy. We've organised our first-time buyer weekend to provide local people with further support."
The first-time buyer weekend will take place at Paget Green in Burton-upon-Trent on 14th and 15th June 2014. Morris has just two remaining three-bedroom homes on sale at Paget Green, priced from £184,750 or £147,800 with Help to Buy.**
To find out more about the homes and buying initiatives available visit the sales office at Horninglow Road, Burton-upon-Trent (open daily 10.30am to 5.30pm), call 01283 531 341, or visit morrishomes.co.uk
*Experian, April 2014