First Time Buyer Initiative Launches at Parkwest

3rd December 2007

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St George is pleased to announce the launch of the First-Time Buyers' Initiative (FTBI) at Parkwest in West Drayton, Middlesex.

The initiative, run by national regeneration agency English Partnerships, is designed to make more new homes available to qualifying first-time buyers and key workers.

Ian Dobie, Managing Director of award winning developer St George West London comments: "We are delighted to be able to launch this exciting new initiative which allows first-time buyers and key workers in London the opportunity to buy a contemporary and stylish property at Parkwest and enjoy all of the benefits that come with a St George home. It is no secret that first time buyers face an uphill struggle these days to get on to the property ladder, and initiatives like this by English Partnerships make the situation much easier for them. In addition to owning their first property, residents will also be able benefit from all of the on site facilities; these include a 24 hour concierge, a cycle club, free membership of the car club, beautifully landscaped gardens and a fully equipped residents' health and fitness centre!"

The FTBI enables aspiring first-time buyers who cannot otherwise afford to buy a home outright, to purchase a new home through an affordable mortgage with assistance from English Partnerships.

Parkwest is in a superb location for commuters, students, and international travellers alike. The M4 and M25 are just a couple of miles away, as is Heathrow -The World's Busiest Airport. Nearby Stockley Park is one of Europe's largest commercial centres and houses companies such as Apple UK, BT, Cisco, Marks and Spencer, Sharp and Hasbro. For the more active there is also a Virgin Active Gym and an 18 hole golf course close by.

For further information on the scheme contact the Marketing Suite on 01895 449 009 or visit the award winning website at www.park-west.co.uk. HomeBuy agents for the FTBI are Metropolitan Home Ownership who can be contacted on 020 8920 7777.

Notes for the editor- general information on Parkwest

A stunning new development of contemporary homes which include manhattan, duet, 1 and 2 bedroom apartments.

Walking distance to West Drayton Station which features on the West London section of the forthcoming Crossrail Line linking West Drayton to Tottenham Court Road, Bond Street and beyond.

Landscaped private parkland.

Close to M4 and M25 for easy access in and out of London.

Managed resident car parking. *

Residents' gym.

24 hour estate-management.

*available at extra cost

For further press information, please contact Rachel MacLaurin at TTA Public Relations on 0207 886 0323 or email opratt@ttagroup.co.uk

FTBI Applicants Key Criteria

To qualify for the scheme purchasers must meet the following criteria:

· Must be a genuine first-time buyer unable to afford a new home within a reasonable distance of their place of work without financial assistance.

· First Time Buyers who are key workers must have a maximum household income of £60,000pa. First-Time Buyers who are not key workers are prioritised for assistance, but must be employed with a local connection (working or living in the area and serving a community in the area or nearby) must have a maximum household income of £52,500pa.

· Obtain a mortgage for the maximum amount they are allowed to borrow on usual terms (typically 3.5 x single and 3 x joint income levels) and be able to demonstrate funds to pay deposit, legal fess, stamp duty and costs of moving.

· Employed on a permanent contract of employment (there are exceptions for key workers). If self employed, applicant to provide 3 years accounts.

· Cannot already be a homeowner or named on a mortgage, or be able to provide evidence it has been, or is in the process of being, removed.

· Applicants should be able to demonstrate that they can sustain home ownership.

· Applicants must have a good credit history.

This scheme enables a FTBI buyer to take out an affordable mortgage on at least 45% of the full price, pay 5% cash deposit, and apply for Government assistance to fund the remaining contribution. For the first three years of FTBI home ownership there is nothing to pay on the amount that the government contributed. In year four, buyers will pay a 1% fee to English Partnerships on the amount it funded; and 2% in year five, peaking at 3% in year six. This means that there are no or reduced fees to pay for the first 5 years of homeownership, when first time buyers are most likely to be financially stretched.

Not all buyers will qualify for the full 50% assistance. Those on higher incomes will be expected to make a larger contribution than 50% of the purchase price.

English Partnerships is the government's national regeneration agency. Our aim is to deliver high quality, sustainable growth in England.

English Partnerships and the Housing Corporation are working with the Department for Communities and Local Government to establish the proposed Homes and Communities Agency.

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