Aspiring homeowners saving for a home of their own could find that they’re able to secure a new home in Bilston with a deposit much smaller than that typically paid by first time buyers.
A deposit of less than £8,000 could be sufficient to secure a brand new three-bedroom home, which is much less than the £23,000-£31,000 that research by LSL Property Services and the Halifax says the average first time buyer pays.
Pauline Turnbull, sales director for Redrow Homes (Midlands) says: “It could take years for someone to save that amount of cash, but the good news for those who have started saving is that they may already have enough in the bank to put down a deposit on one of our three-bedroom homes at Chestnut Walk.”
The main reason for this is Help to Buy, which allows purchasers to take out a Government backed equity loan for up to 20% of the price. It reduces the initial outlay and means customers should typically only need a 5% deposit and 75% mortgage.
So, a three-bedroom Broadway at Chestnut Walk, priced at £152,500, could be purchased for an initial outlay of £122,000 and secured with a deposit of around £7,625. And the equity loan is interest free for the first five years.
Pauline adds: “Saving a deposit is crucial to being able to buy a home of your own but it can be tricky to put money aside, particularly if you’re paying rent. Help to Buy could be the answer. And with selected properties almost ready to be occupied, those who act now could be saying ‘goodbye’ to paying rent and ‘hello’ to a home of their own this summer.”
The three-bedroom, semi-detached Broadway is among those homes almost ready to move into. It features an open plan kitchen and dining room and a spacious lounge that spans the width of the property with patio doors onto the rear garden. There’s a dedicated space for the washer and dryer, plus a convenient downstairs cloakroom.
Upstairs, the master bedroom benefits from an en-suite to complement the main bathroom.
“It’s not only the availability of Help to Buy that makes our new homes an attractive prospect for first time buyers, but the other savings that buying a brand new home brings too,” Pauline explains.
“For example, our customers won’t have to worry about finding extra cash for essentials like an oven, microwave and fridge-freezer as these are included in the price. Unlike some older, second hand properties, there’ll be no need to spend time and money on repairs and renovations; and, thanks to a host of energy efficiency measures, new homes are more economical to run so buyers should save money on their fuel bills.”
To find out more about the homes and the help available, visit Chestnut Walk, on Bankfield Road, Bilston, where the sales office and showhomes are open daily from 10am to 5.30pm. Alternatively, call 01902 276900 or see www.redrow.co.uk/chestnut.
Currently celebrating its 40th year, 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 Heritage Collection of family homes combines traditional looking, ‘Arts & Crafts’ influenced exteriors with bright, modern, high specification interiors. The company has won numerous awards over the years, including, most recently, the 2014 Building Awards Housebuilder of the Year and four consecutive 5* awards in the Home Builder Federation (HBF) annual customer satisfaction survey in 2011, 2012, 2013 and 2014. Redrow also collected the Silver award in the Large Housebuilder category of the 2012 and 2013 What House? Awards; the award for best marketing initiative at the 2010, 2011 and 2012 Housebuilder Awards and its ‘My Redrow’ online tool won the overall Customer Engagement category at the 2013 Peer Awards for Excellence. Web: www.redrow.co.uk.