Dingles Builders Ltd have now launched a special scheme on selected developments to help buyers get on the property ladder.

How does the First Start scheme work?
Mortgage finance is arranged on 75% of the purchase price. The remaining 25% is secured by Dingles Builders Ltd against the property.

Deposit?
Your building society will require a deposit of at least 5% of the 75% equity price, however you should speak to your mortgage broker or lending source to clarify the actual deposit required.

When do I have to repay the 25% balance?
The 25% is repayable when you sell or transfer your home, or within 10 years, whichever is sooner.

Does interest have to be paid on the remaining 25%?
There is no interest for the first five years. For the second five years an annual rate of 2% over Bank of England base rate will be charged on the original equity amount.

Can I repay the 25% early without selling?
If you wish, you can repay the amount in full at any time within the 10 year period, subject to a valuation.

Are there any costs involved?
Solicitors fees and valuation fees (if applicable) will be payable by you, upon repayment of the 25% balance.

How is the market value of the property determined?
The average of two independant valuations will be taken at the point of resale, transfer, early repayment or at the end of the 10 year period.

What happens if I improve my property?
You do not have to pass 25% of the increased value (due to improvements) to Dingles Builders Ltd. The market value at the end of the period is less any improvements.

What happens if the market value of my property decreases?
The repayment is 25% of the market value at the point of resale, transfer or end of the 10 year period, even if this is less than the original purchase price.

What happens if I cannot repay the 25% after 10 years?
In circumstances of genuine hardship, the position will be reviewed and the loan period may be extended.

Can the property be rented?
No. This offer is open to owner occupiers only.

How do I apply?
Select the house you like (subject to availability). We will hold the house for you until you are initially qualified for a mortgage through a Dingles Builders appointed mortgage advisor.

The 'First Start' scheme is available on selected plots, please contact the relevant selling agent for more information.