Buy buy rent

Tue, Oct 31st 2006, 11:00

A little help from your friends could be all you need to take that first step onto the property ladder at Fenway Park, in Chippenham.

New research by HSBC indicates that more and more people are choosing to take out group mortgages to make buying their first home easier.

Ninety three per cent of potential first-time buyers claim that affordability is a problem and more than half say that they would consider buying a property with family or friends.

At Redrow’s Fenway park development in Chippenham there are two house designs perfect for those looking to share a mortgage with a friend.

The Argal and Amherst apartments are the ideal homes to buy with a buddy. The two-bedroom Argal features a spacious living room, a kitchen/diner, two double bedrooms and two bathrooms (one en-suite).

The two-bedroom Amherst apartment features a spacious open plan kitchen/living/dining room and, again, a master bedroom with en-suite shower room and a second bedroom, as well as the main bathroom.

Sandra Hughes, area sales manager for Redrow Homes (South West) said: "If you're single it’s difficult enough to get a deposit together – never mind securing a big enough loan to pay for a property – especially if you’re renting. It’s easier for couples, as lenders will offer typically two and a half times the joint salary, while the most an individual can obtain is generally three times their salary.

"One way to overcome this is to share the load with a friend and the apartments at Fenway Park are the perfect choice for those looking to ‘buy with a buddy’.

"Buying with a friend means you can get onto the property ladder, invest in your own home instead of your landlord’s, it can be cheaper than renting, plus you can share the cost of the deposit, mortgage and bills."

Fenway Park will eventually comprise 136 homes, offering something for everyone from families to young professionals, empty nesters and investors.

Currently, Both the Argal and the Amherst apartments at Fenway Park start at just £141,995. Also available at Fenway Park are three-bedroom homes, from just £219,995, and four-bedroom homes from just £239,995.

For more information call the marketing suite on 01249 709170.