Average UK house prices rose by 7% in the first 11 months of 2013 and various experts are predicting further increases in the year ahead. For example, both the Royal Institution of Chartered Surveyors and mortgage lender the Halifax, have suggested prices will rise by 8% this year.
With that in mind, buying now with a Help to Buy equity loan could be seen as a prudent move. At Oakwood Park in Ormskirk for example, it could reduce the initial cost of a brand new Redrow home by tens of thousands of pounds.
Buyers will be able to learn all about Help to Buy with a visit to the sales office and showhome this Saturday (January 18).
Claire Jarvis, sales director for Redrow Homes (Lancashire), says: “People may not realise that unlike previous Government assistance schemes Help to Buy equity loans aren’t restricted to new home owners – they can be used by those who want to move up the housing ladder too.
“For those buying a four-bedroom home at Oakwood Park the equity loan could reduce the initial price by more than £50,000, which is a substantial saving. Purchasers using this scheme should only need a 5% deposit and can look forward to lower than expected monthly mortgage payments. And if prices increase as experts are predicting, those who buy now could see the value of their new home rise, suggesting that a new home is a good investment in your family’s future.”
Located on Wigan Road, Oakwood Park features a choice of four-bedroom homes, including designs from the sought-after Heritage Collection.
Current prices start from £264,995 for a detached Stratford style property. Factor in a Help to Buy equity loan and the initial cost is reduced to £211,996, including a 5% customer deposit and 75% mortgage.
The remaining 20% is covered by an equity loan, which is interest free for five years and can be repaid when the customer has more funds available or when they resell.
Inspired by the architecture of the Arts and Crafts era, the properties at Oakwood Park look very traditional from the outside. Inside, however, they are bright and modern with well equipped kitchens, stylish bathrooms and a host of energy efficient measures so that buyers should also save on their fuel bills.
To find out more about Help to Buy visit Oakwood Park from 11am to 4pm this Saturday (January 18)
For more information about the homes and the help available, call 01695 228044 or see www.redrow.co.uk/oak.
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 Heritage Collection of family homes combines traditional looking, ‘Arts & Crafts’ influenced exteriors with bright, modern, high specification interiors. Established almost 40 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, 2012 and 2013; collected the Silver award in the Large Housebuilder category of the 2012 and 2013 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.