Aspiring homeowners could find they’ve already saved enough for a deposit on a brand new home in Bilston
According to the Halifax more than half of 20 – 45-year-olds see the size of deposit required as the main barrier to homeownership. But they may not realise that with Help to Buy they should only need a relatively small deposit of 5% to secure a brand new Redrow home at Chestnut Walk in Bilston.
Pauline Turnbull, sales director for Redrow Homes (Midlands), says: “The Generation Rent Report makes interesting reading. While 57% of young people list raising a deposit as a key issue preventing them buying a home of their own, many either don’t know or are uncertain of the impact of Help to Buy.
“Introduced two years ago the equity loan scheme can make a massive difference to people’s borrowing power. Put simply, buyers with a 5% deposit can take out an equity loan for up to 20% of the purchase price. It reduces the initial cost of homeownership and means a one-bedroom apartment at Chestnut Walk could be secured with a deposit of around £5,000, much less than some people think.”
Now a well-established neighbourhood, Chestnut Walk offers a choice of homes that are ideal for first time buyers. One-bedroom apartments are a steal at £102,995 and can be snapped up for an initial outlay of only £82,396 using Help to Buy. The remaining 20% share is covered by the equity loan, which is interest free for five years and can be repaid when the customer resells or has more funds available.
For those who want somewhere larger, there’s a three-bedroom Broadway style home available from £149,995 - or £119,996 with Help to Buy - plus a choice of two-bedroom apartments on the market at £115,995, or an initial outlay of £92,796 using the equity loan scheme.
Whichever style of home is chosen, buyers are assured that it will boast a high specification as standard including a well equipped kitchen and sleek modern bathroom.
To find out more about the homes available at Chestnut Walk, visit the development, open daily from 10am to 5.30pm. Alternatively, call 01902 276900 or see www.redrow.co.uk/chestnut.
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 five 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.