Why rent when new research suggests that owning your own home could cost up to 16% less each month?
Dozens of people have already used Help to Buy equity loans to purchase a property at Redrow’s popular Chestnut Walk development in Bilston.
Many of them are first time buyers who have used the scheme to escape the rental trap, with some finding that their monthly mortgage repayments are lower than the rent they were previously paying.
Now with availability of Help to Buy extended until 2020 and properties at Chestnut Walk almost ready to move into, more aspiring homeowners could find that they will soon be able to live the dream in a home of their own.
Pauline Turnbull, sales director for Redrow Homes (Midlands), says: “The introduction of Help to Buy last April has made a massive impact on the Midlands’ housing market, with almost half of our customers using the equity loan scheme to reduce the initial cost of homeownership. Since January this year, 33 customers have completed the purchase of a new home at Chestnut Walk using Help to Buy. These are people who might not otherwise have been able to afford a new home.
“Newspaper headlines about rising house prices may be making people think they can’t afford to buy, but many of our customers have been surprised by how affordable homeownership is with Help to Buy and to discover that their mortgage repayments compare favourably with the rent on a similar property. This anecdotal evidence from our own buyers reflects Halifax research which suggests that the average monthly cost of owning a three-bedroom home is still 16% lower than the equivalent rent.”
Chestnut Walk offers a good choice of two, three and four-bedroom homes priced from £126,500. Factor in a 20% Help to Buy equity loan and the initial outlay for a new home here could be as little as £101,200.
A three-bedroom Letchworth priced from £164,995 is almost ready to move into and can be snapped up for £131,996 with Help to Buy. The lower price includes a 5% customer deposit and 75% mortgage, with the remaining 20% share covered by the equity loan. Crucially the loan is interest free for five years.
“Because we include so much in our standard specification – oven, hob, fridge freezer and even a microwave – our new homes are ideal for first time buyers. All they need to bring with them is their furniture and personal belongings,” Pauline adds.
Help to Buy can also be used by those moving up the property ladder, provided their existing property is sold subject to contract.
To find out how you could buy a home of your own with Help to Buy, 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/chesnut.
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.