Boost your borrowing power and buy bigger in Leicester
Those who long to live in the Humberstone area of Leicester could find they’re able to stretch their budget and buy a bigger, better, brand new home with Help to Buy.
The Government-backed equity loan scheme is available on new build properties priced at up to £600,000, which includes all of the homes at Nightingale Gardens.
Help to Buy includes a 20% equity loan that’s interest free for five years. This reduces the initial cost of the home being purchased and means customers only have to raise a 5% deposit and 75% mortgage from a lender of choice.
Tonia Tyler, sales director for Redrow Homes (South Midlands), says: “Nightingale Gardens has been a huge success and remains a popular choice with buyers who long to live in this part of Leicester. What people who want to move here perhaps don’t realise is that with Help to Buy their dream move could be easier to afford, enabling them to purchase a property they can grow into not out of.
“The Halifax suggests that the average deposit for a three-bedroom home is in the region of £28,000 but with Help to Buy that could reduce to around £10,350; while those with savings of around £12,350 could find it’s enough to secure a four-bedroom property.”
Current availability at Nightingale Gardens includes three and four-bedroom designs from the sought-after Heritage Collection of traditional looking homes, with prices from £203,950 or an initial £163,160 with Help to Buy.
A four-bedroom detached Stratford style property, usually costing £246,950, could be snapped up for an initial outlay of £197,560 using the equity loan scheme.
The Stratford offers 1,173 sq ft of accommodation including open plan kitchen and dining room, laundry space, lounge and cloaks to the ground floor. There are four bedrooms, including master with en-suite, and a family bathroom upstairs.
Help to Buy is open to first time buyers and existing homeowners alike, although to be eligible for the scheme homeowners must have sold their current property subject to contract. Redrow can help with that too.
For a small deposit, Redrow’s Mastermove service can help customers secure a buyer for their existing home with the assistance of a tried and trusted agent. Once a sale is agreed, they will then be able to use Help to Buy to reduce the initial cost of a brand new home.
Editor’s footnote: Established more than 40 years, 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 Gold Award for Best Large Housebuilder at the WhatHouse? Awards 2014, the 2014 Building Awards Housebuilder of the Year and four consecutive 5* awards in the Home Builder Federation (HBF) annual customer satisfaction survey. Redrow also collected the award for best marketing initiative at the 2014 Housebuilder Awards and its ‘My Redrow’ online tool won the overall Customer Engagement category at the 2013 Peer Awards for Excellence.