Homebuyers in Stafford are boosting their buyer power thanks to Help to Buy.
The Government-backed scheme makes buying a home easier to afford with the aid of an equity loan for up to 20% of the purchase price. It’s been an instant success at Redrow’s Castle View development, where it’s available on three and four-bedroom properties.
Pauline Turnbull, sales director for Redrow Homes (Midlands), explains: “We’ve had a brilliant response to the introduction of Help to Buy across the region and in Stafford in particular. The scheme only went live on April 1 and in the first few days we took four reservations at Castle View under Help to Buy. We are also working with other potential purchasers who recognise that the Government is offering a fantastic opportunity to buy a brand new home at an affordable price through Help to Buy.”
Under Help to Buy customers with a 5% deposit will be able to take out an equity loan for up to 20% of the purchase price. They will then only need a mortgage for 75% of the property’s value, which should give them access to some of the better rates usually reserved for those with hefty savings or substantial equity in the home they’re moving from.
For example, a three-bedroom Letchworth available on the open market for £177,995 can be purchased for an initial outlay of £142,396 with Help to Buy. The initial outlay includes a deposit of £8,900 and a mortgage for £133,496. The remaining share is covered by the equity loan. The loan is interest free for five years and can be repaid when the customer has more funds available or when they resell.
Those who buy a brand new home at Castle View will benefit from purchasing a property that’s been designed and built with pride.
Featuring designs from the sought-after New Heritage Collection, the homes look traditional from the outside but are bright and modern inside. The high specification offered as standard includes stylish, yet practical kitchens that are well equipped with integrated top brand name appliances; while bathrooms and en-suites enjoy quality fixtures and fittings, with an exclusive tile range.
Located in Doxey Road, Castle View is close to the Doxey Marshes nature reserve, enabling householders to enjoy the great outdoors close to home.
With Stafford train station only a mile away and the M6 motorway and M6 toll road easily reached, it’s an ideal commuter base.
For more information about the homes and the help available, visit the sales office and show homes 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 in 2011, 2012 and 2013; collected the Silver award in the Large Housebuilder category of the 2012 What House? awards; and its ‘Share a little bit of joy’ campaign was named best marketing initiative at the 2012 Housebuilder Awards. Web: www.redrow.co.uk.