Low prices, small deposits and no stamp duty to pay make new Redrow apartments an attractive prospect for aspiring home owners.
FirstBuy is available on selected properties at Eliot’s View in Tuttle Hill, Nuneaton, making the already competitively priced apartments even more affordable. It could mean a pleasant surprise for those who dream of home ownership but fear they can’t afford to buy.
Pauline Turnbull, sales director for Redrow Homes (Midlands), explained: “The majority of young people still dream of owning a home of their own, but many fear that without tens of thousands of pounds in the bank they will be stuck at home living with mum and dad for several more years or will have to waste their hard earned cash on rent. Thanks to FirstBuy the apartments at Eliot’s View offer the perfect solution as they’re not only affordable but stylish, easy to manage and efficient to run.”
Two-bedroom apartments at Eliot’s View are available on the open market at £99,995, which means they will remain exempt from stamp duty for first time buyers even when the stamp duty threshold reverts to £125,000.
With the help of FirstBuy those with savings of around £4,000 could find that they only need a mortgage of £75,996 to be able to make that crucial first step onto the property ladder.
The remaining 20% share of the purchase price is covered by an equity loan, jointly funded by Redrow and the Homes and Communities Agency. Interest-free for the first five years, the loan can be repaid when the customer has more funds available or they come to resell.
“Those who purchase a home with FirstBuy should be able to access some of the better mortgage rates, usually reserved for those with lots of savings. They may even find that their mortgage repayments are lower than the rent for a similar-sized property would be. It means that instead of asking if they can afford to buy, they should be asking if they can afford not to,” Pauline added.
The valuable help is available to first time buyers and those who want to return to home ownership. To be eligible for the help customers must have an annual household income of less than £60,000.
“Apartment living is great for those starting out in life and with a brand new Redrow home they won’t need to compromise on style to afford a home of their own,” Pauline said.
“Open plan layouts maximise the potential of the space available and with integrated kitchen appliances included in the standard specification customers won’t have to worry about buying and installing an oven or fridge freezer. Selected apartments enjoy an en suite to the master bedroom, making them a good choice for friends sharing as they could effectively have a bathroom each.”
Well insulated, with double glazing and central heating included as standard the apartments are designed to be more energy efficient than their older, second hand counterparts and so potentially cheaper to run.
To discover how Redrow could help you step onto the property ladder, visit Eliot’s View, open daily from 10ma to 5.30pm.
* 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.