Homebuyers in Bilston could find that their money goes further thanks to Help to Buy.
The Government-backed scheme is now available on all new homes at Redrow’s Chestnut Walk offering customers the chance to save thousands off the initial purchase price with the help of an equity loan.
The introduction of the scheme is great news not just for those looking to buy their first home, but existing homeowners who want or need to move as it reduces both the size of the deposit and mortgage required.
Pauline Turnbull sales director for Redrow Homes (Midlands), explains: “We’ve already had success at Chestnut Walk with previous schemes such as FirstBuy, which were aimed at first time buyers, and so we’re delighted to be able to offer Help to Buy so that even more people can benefit from taking out an equity loan to help facilitate a move to a brand new home. It could make a real difference to what people can afford. For example, families who have outgrown their current property could find they’re able to move to somewhere larger without having to worry about the cost of the extra space. So if it’s time to move, then it’s time to talk to Redrow about 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 Warwick available on the open market for £185,995 can be purchased for an initial outlay of £148,796 with Help to Buy. The initial outlay includes a deposit of £9,300 and a mortgage for £139,496. 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.
Located in Dudley Street, Bilston, Chestnut Walk features a good choice of two, three and four-bedroom homes from the sought-after New Heritage Collection.
Traditional on the outside, bright and modern inside they all boast Redrow’s high standard specification as standard. Kitchens are stylish, yet practical with integrated top brand name appliances and tall cabinets and extra wide drawers that offer plenty of storage; while bathrooms and en-suites boast quality fixtures and fittings, with an exclusive tile range.
To discover how you could purchase a brand new home with Help to Buy, visit Chestnut Walk, where the sales office and show home 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 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.