That’s because 95% mortgages through the NewBuy initiative have reduced the cost of owning a brand new home.
Not available in the second hand sector, NewBuy means customers only have to find 5% of the purchase price to secure a mortgage from one of the participating lenders.
Patsy Aicken, sales director for Redrow Homes (Yorkshire), says: “At a time when lenders generally require deposits of at least 20%, the ability to buy a brand new home with only a 5% down-payment is great news for buyers. At our Holtby Gardens venture in Cottingham, for example, it means those with savings of around £7,000 could find they’re able to secure a two-bedroom Evesham style property.”
NewBuy is available on all brand new Redrow homes in England up to £500,000 so applies to every property at Holtby Gardens.
“People may have heard that 95% mortgages are back but they may not realise what it means for them. In short, would-be home owners should be able to buy their first home sooner rather than later or move up the property ladder even if they don’t have lots of savings or substantial equity in the home they’re moving from,” Patsy adds.
The Evesham is just one of the new homes available with NewBuy at Holtby Gardens. Priced at £139,999, this two-bedroom property is an ideal starter home. It features a well equipped kitchen with integrated top brand name appliances, including oven, hob, microwave and fridge freezer, so buyers don’t have to worry about finding extra cash for essential white goods. There’s an open plan lounge and dining room, laundry and downstairs cloaks, while upstairs there are two double bedrooms and a bathroom with quality fixtures and fittings.
“While the Evesham is ideal for those on the first rung of the property ladder, it’s not just first time buyers who can benefit from NewBuy. The scheme offers other buyers the chance to own a new home with only a 5% deposit and at Holtby Gardens there’s a good selection of two, three and four-bedroom homes to choose from,” Patsy continues.
“Traditional on the outside, their Arts & Crafts inspired exteriors provide the period style ‘character’ that many people want from their home, but inside they are bright, modern and full of family friendly features so home owners get the best of both worlds.”
Located in Dunswell Road, Holtby Gardens enjoys a picturesque village setting. Cottingham has everything to cater for its residents’ need from supermarkets, banks, restaurants and shops to health clubs, gymnasiums, golf and even an equestrian centre. Plus with regular trains from the local station to Beverley, York and Hull, it’s the ideal base for commuters.
To find out more about NewBuy, visit Holtby Gardens, where current prices range from £139,999 to £286,999 and the show homes are open daily from 10am to 5.30pm.
Details are also available by calling 01482 908289 or see www.redrow.co.uk/holtby.
A video guide to NewBuy and 95% mortgages can be viewed online at www.redrow.tv.
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 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.