Dreams of home ownership have been coming true for first time buyers in Telford thanks to Redrow.
The award-winning developer is offering the Government-backed FirstBuy scheme on selected homes at Trenchwood Gardens, enabling those eligible to save up to £30,000 off the initial price of a brand new home.
The valuable help has already helped a number of people on to the property ladder at Trenchwood Gardens and following this success Redrow has released more homes for sale under the scheme.
It means that those who feared they had been priced out of the property market could soon be living the dream in a stylish, affordable home of their own.
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.
“As those who’ve already reserved a home at Trenchwood Gardens with FirstBuy have discovered, the valuable help offers a welcome boost to their buying power.”
FirstBuy is available on three-bedroom Kenilworth style homes at Trenchwood Gardens. Priced at £149,995 on the open market, these traditional looking homes with modern interiors can be snapped up for an initial outlay of just £119,995 with FirstBuy.
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.
This reduces the overall size of the mortgage required and, more importantly, the improved loan-to-value ratio (LTV) means lenders generally ask for a much smaller deposit.
“Those with savings of around £6,000 could find they only need to apply for a mortgage of £113,995 to secure their first home,” Pauline commented.
“They may also 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.”
Cleverly designed with spacious accommodation over three floors, the Kenilworth features an open plan kitchen and dining room plus separate lounge on the ground floor and two bedrooms, a study and the family bathroom on the first floor. But the ‘piece de resistance’ is the sumptuous master suite with its own shower room on the top floor; it’s so much more than just a bedroom.
Like all new Redrow homes the property boasts top name integrated kitchen appliances and quality fixtures and fittings in the bathroom and en-suite.
Designed to maximise efficiency and minimise waste, the homes at Trenchwood Gardens are well insulated with double glazing and central heating included as standard.
To discover how Redrow could help you on to the property ladder, visit Trenchwood Gardens, where the show homes are open daily from 10am to 5.30pm.
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.