From April 1, homebuyers in St Neots will be able to purchase a brand new Redrow home at Priory Gardens with just a 5% deposit and enjoy lower monthly mortgage repayments.
The scheme enables those who have saved at least a 5% deposit to take out an equity loan from the Government for up to 20% of the purchase price. This means they only need a 75% mortgage from their chosen lender and should be able to access much more competitive interest rates, which would make their mortgage repayments more affordable.
Unlike the Government’s FirstBuy scheme, all types of purchasers can apply for an equity loan through ‘Help to Buy’, not just first time buyers. It is available exclusively on new homes.
Tonia Tyler, head of sales for Redrow Homes (South Midlands) said: “We very much welcome the ‘Help to Buy’ initiative as it will dramatically improve the outlook for many who want to move to a new home but do not have the large deposit required by many lenders.
“It will open the door for those who have saved hard for a 5% deposit, while allowing them access to better interest rates usually reserved for people with much larger savings.”
A range of traditionally styled Redrow homes at Priory Gardens will be available to purchase using the ‘Help to Buy’ scheme.
Current availability at the development includes three and four-bedroom homes from the sought-after New Heritage Collection with prices from £237,950.
‘Help to Buy’ equity loans are available on homes up to £600,000. The loan can be repaid at any time or when the purchaser comes to sell their home. The scheme is available from April 1, 2013 and will run for three years.
Located in Hogsden Leys, Priory Gardens is within walking distance of St Neots train station, which offers journey times to London King’s Cross of around 45 minutes. Bedford and Cambridge are also within commuting distance as they’re around 25 minutes’ away by car.
Local amenities include shops, regular farmers’ markets, gastro pubs and cafes, schools, golf clubs and a common which is home to various sports clubs. There are plenty of opportunities to enjoy the great outdoors with a stroll along the Ouse Valley Way or a visit to Paxton Pits Nature Reserve. There’s even the chance to set sail from the two marinas.
Show homes at Priory Gardens are open every day from 10am to 5.30pm. For details of the latest availability and pricing, call 014807 00092 or see www.redrow.co.uk/priory-gardens.
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.