Aspiring homeowners with designs on living in a fashionable part of London could find that Help to Buy offers the boost they need to get onto the housing ladder.
Apartments at Redrow’s Royal Waterside development, part of the wider First Central scheme in North West London, have been selling well to a mix of owner-occupiers and investors. Buyers have been keen to snap up homes that are set amid green spaces, elegant waterways and a 20-acre nature reserve, yet just 23 minutes from Oxford Circus via the Central Line.
As the first apartments are now less than six months away from being ready to move into this winter/ early 2016, Redrow is now able to offer Help to Buy on the final properties in the Bodium building at Royal Waterside.
The Government-backed scheme makes homeownership easier to afford by allowing purchasers to take out an equity loan for up to 20% of the purchase price. The initiative also reduces the initial outlay and means customers should typically only need a 5% deposit and 75% mortgage.
Crucially the equity loan is interest free for five years and can be repaid when the customer has more funds available or when they resell.
Kerry Jenkins, sales director for Redrow Homes (Eastern), says: “There’s a real buzz about Royal Waterside and the wider First Central regeneration scheme. It represents a rare opportunity to own a brand new apartment in green surroundings, with easy access to Central London. The premiums commanded for property in the capital are well documented and so we’re eager to let people know that Help to Buy is now available at Royal Waterside.
“Available on new build homes priced up to £600,000, Help to Buy can make a massive difference to what people can afford as it reduces both the deposit and size of the mortgage required. It could mean that savers can buy sooner rather than later or provide a way of escaping the rental trap.”
Thanks to Help to Buy a one-bedroom apartment at Royal Waterside usually costing £410,000 can be snapped up for an initial outlay of £328,000, including a deposit of £20,500.
The apartments benefit from integrated appliances to the kitchen, low energy downlights to hall, kitchen, wet areas and living/dining areas, flooring throughout, underfloor heating throughout and fitted wardrobes to the master bedroom. Secure underground car parking is included to selected apartments.
Established more than 40 years, 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. The company has won numerous awards over the years, including, most recently, the Gold Award for Best Large Housebuilder at the WhatHouse? Awards 2014, the 2014 Building Awards Housebuilder of the Year and five consecutive 5* awards in the Home Builder Federation (HBF) annual customer satisfaction survey. Redrow also collected the award for best marketing initiative at the 2014 Housebuilder Awards and its ‘My Redrow’ online tool won the overall Customer Engagement category at the 2013 Peer Awards for Excellence. Web: www.redrow.co.uk.