The low price and quality specification offered by Redrow at College Court, plus a choice of incentives to make home ownership more affordable, have helped make the development a success. It’s proved so popular that 17 homes have been sold in less than three months, with all but one of them purchased by first time buyers.
Lesley Myers, area sales manager for Redrow Homes (Lancashire), commented: “The sales success we have seen at College Court is evidence of the demand for affordable homes for first time buyers. Many of our customers have been pleasantly surprised to discover that home ownership is within their reach.”
She explained: “The affordability factor has played a major part in the popularity of College Court. The FirstBuy initiative and Wigan Council’s own affordable homes scheme have helped reduce the overall size of the mortgage purchasers require and, with it, the amount of deposit. It also reduces the loan-to-value ratio – the amount they borrow as a percentage of the full property value – enabling them to access to some of the better mortgage interest rates, which are usually reserved for those with large deposits or substantial equity in an existing home.
“For some customers it means that their mortgage repayments are actually less than the rent they would pay for a similar property.”
Savings of just £3,468 plus a mortgage for £86,636* could be enough to purchase a two-bedroom home at College Court with FirstBuy. The remaining share of the property’s full market value of £113,995 is covered by an equity loan, jointly funded by Redrow and the Homes & Communities Agency.
Despite the low price, homebuyers can still experience the joy of owning a brand new Redrow home designed and built with pride.
The properties boast well equipped kitchens with integrated appliances including microwave, oven and fridge freezer plus floor to ceiling cabinets and extra wide drawers that offer plenty of storage. Bathrooms feature quality fixtures and fittings, with a tile range that’s exclusive to Redrow.
“Customers have been delighted to learn what we include in our standard specification and when our three show homes open at the end of January they’ll be able to see for themselves. The show homes will be dressed to impress by professional interior designers, so that potential purchasers can fully appreciate all that a brand new Redrow home has to offer.”
College Court enjoys a prime location with a supermarket on its doorstep and a wealth of shops at the nearby retail park. Wigan town centre is only a short journey away and with the M6 easily accessible, the homes are a good base for commuters.
To find out how Redrow could help you buy your first home, visit College Court, open Thursday to Monday from 10am to 5.30pm.
For more information, call 01943 686 169 or see www.redrow.co.uk/college.
A video guide to FirstBuy is available to view online at www.redrow.tv.
* The 76% mortgage is currently only available through Halifax. Other mortgages are available from other lenders.
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, collected the Gold award in the Large Housebuilder category of the 2011 What House? awards and its ‘Our Pride ~ Your Joy’ campaign was named best marketing initiative at the 2011Housebuilder Awards for innovation and excellence. Web:www.redrow.co.uk.