Low deposit lifeline to luxury living in Wolverhampton
A move to one of Wolverhampton’s most prestigious addresses could be secured with only a fraction of the average home mover deposit.
The latest Lloyds Bank Home Movers Review pitches the average deposit paid by an existing homeowner at around £90,000. But buyers could find that with Help to Buy they only need a third of that to purchase a five-bedroom detached property at Redrow’s prestigious Compton Park development in Wolverhampton.
Pauline Turnbull, sales director for Redrow Homes (Midlands), explains: “Many people mistakenly think Help to Buy is only for first time buyers. The reality is it can be used by home movers too, providing they’ve sold their current property subject to contract. What’s more, the scheme is available on new build homes up to the value of £600,000, including some of the large and luxurious properties at Compton Park.
“Several people who’ve purchased homes here have utilised Help to Buy to make their next move on the property ladder easier to afford. It’s the perfect solution for those who perhaps don’t have a lot of equity in the home they’re moving from, as typically they should only need a relatively small deposit of around 5%.”
Current availability at Compton Park includes a four-bedroom detached Richmond priced from £494,995. Help to Buy reduces the initial cost to £395,996 including a 75% mortgage and 5% deposit. The remaining 20% is covered by the equity loan, which is interest free for five years.
Using the equity loan scheme a five-bedroom detached Buckingham, on the market at £599,995, can be purchased for an initial outlay of £479,996 including a £30,000 deposit.
Properties at Compton Park have an Arts & Crafts influence to their exteriors with period-style features and plenty of character. Inside they boast convivial open plan living space and a host of family friendly features.
Kitchens are well equipped with integrated top brand name appliances including oven, microwave and fridge freezer, plus optional extras such as coffee machine and wine cooler.
Those who reserve before their new home is physically built can also opt to include under-floor heating to the ground floor.
Situated off Compton Road West, the homes are in the catchment area for a selection of respected primary and secondary schools, making them ideally placed for those with children.
The properties enjoy a leafy setting with nearby playing parks and the Smestow Local Nature Reserve providing opportunities to enjoy the great outdoors close to home.
The showhome at Compton Park is open daily from 10am to 5.30pm. For more information call 01902 238 330 or see www.redrow.co.uk/compton.
: 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. Web: www.redrow.co.uk.