Dreams of a brand new home could become a reality for many more homebuyers thanks to Redrow and the Government’s ‘Help to Buy’ scheme.
From April 1, homebuyers in Towcester will be able to purchase a brand new Redrow home at Tove Grange 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 Tove Grange will be available to purchase using the ‘Help to Buy’ scheme.
Current availability at the development includes four-bedroom detached family homes in a choice of styles, with prices from £309,950.
‘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.
Residents of Tove Grange will be able to enjoy some beautiful countryside walks including footpaths down to the River Tove. They will also be able to benefit from a host of local amenities close to home in Towcester including shops and schools; while Northampton and Milton Keynes are easily accessible.
Show homes at Tove Grange are open every day from 10am to 5.30pm. For the latest availability and pricing, call 01327 438 385 or see www.redrow.co.uk/tove.
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.