Let to buy, which involves letting out your current home to facilitate the purchase of a brand new Redrow home, could be a solution for those looking to move but who want to keep their existing property as an investment, or perhaps return to it in the future.
It could make deciding to move to the highly sought-after Lancaster Place address a very straightforward choice. The development brings a unique offering to the town with its divine selection of high-specification three and four-bedroom homes, with prices from £204,995 to £499,500.
Anita Williams, sales director for Redrow Homes (NW), said: “A let to buy mortgage gives you the option to rent out your old home so that you can buy a brand new one.
“Even if you already own rental properties, a let to buy mortgage could still be an option. Or, if your current home is not yet delivering the equity level you need, it could enable you to wait until your equity improves before selling. It also means you avoid the hassle that comes with selling your existing home or being stuck in a chain.”
The Centre for Economic Business Research (CEBR) recently predicted that house prices are set to rise 15% in the next five years, so this could represent a good medium to long-term investment.
Homeowners don’t need any deposit to convert their current mortgage to a let to buy, but they will require a deposit for the mortgage of their new Redrow home. This could be as low as 5% if they take advantage of a 95% mortgage available through NewBuy. Alternatively, it may be an option to release some of the equity in their current property for a deposit.
To take advantage of a ‘let to buy’ mortgage homeowners simply need to provide the projected rental income so that their lender can compare it to their existing mortgage payment.
The homes at Lancaster Place feature designs from Redrow’s sought-after New Heritage Collection, which means the homes combine traditional Arts and Crafts inspired architecture with bright, modern interiors and the collection at Lancaster Place includes the impressive Blenheim and Richmond show homes.
Anita added: “The homes each offer open-plan areas designed for spending quality time together, as well as spacious bedrooms for those times when you just want to relax. We have really thought about who might live in each of the houses, the style they would choose and also the practical elements that would be important to them.”
Situated on the northern and easterly fringes of Widnes and bordered by open fields, Lancaster Place is close to Widnes town centre and within easy travel of Liverpool, Warrington and Manchester, via the M62 motorway or by rail from Widnes train station, which offers journey times to Liverpool and Manchester of around 30 minutes.
Nearby, there’s a new cinema and bowling alley at The Hive leisure park, with a new ice rink soon to follow. There’s a recently opened £40 million Tesco Extra 24-hour store in the town, as well as the new Widnes Shopping Park with Marks & Spencer, Boots, Next, Bhs and Costa Coffee among its stores.
Interested buyers can also find out more about let to buy with a special online video at Redrow’s website, simply visit www.redrow.co.uk/tv/281-let-to-buy-a-great-moving-opportunity for more information
For further details about the homes at Lancaster Place call 0151 378 8839 or visit the website www.redrow.co.uk/lancaster. Redrow Homes is one of the UK’s leading house builders, operating across England and Wales, with a strong emphasis on high quality family housing in prime locations. Its New Heritage Collection of family homes combines traditional looking, ‘Arts & Crafts’ influenced exteriors with bright, modern, high specification interiors. Established more than 35 years, the company has won numerous awards over the years. Redrow received a 5* Award in the Home Builder Federation (HBF) annual customer satisfaction survey in 2011 and 2012; collected the Silver award in the Large Housebuilder category of the 2012 What House? awards; and its ‘Share a little bit of joy’ campaign was named best marketing initiative at the 2012 Housebuilder Awards. Web: www.redrow.co.uk.