A Government-backed help scheme to get people onto the property ladder has been extended to apartments in Farnborough.
Eligible home owners can now take advantage of HomeBuy Direct, taking out an equity loan for up to 30% of the purchase price, on an increased selection of Redrow properties at the popular development. This makes home ownership cheaper and easier to achieve.
Mary Timlin, sales director for Redrow Homes, explained: “The equity loan is jointly funded by the Homes and Community Agency and Redrow. Crucially, it’s interest-free for the first five years. “It means that a one-bedroom apartment at Farnborough Central normally costing £149,950 could be acquired for an initial outlay of as little as £104,965.”
Under HomeBuy Direct, first time buyers, key workers and people re-entering the property market after a relationship break-up are among those who can apply for these homes – provided their annual household income is less than £60,000.
Customers will own 100% of their home from day one – but only have to pay between 70 and 85% of the purchase price. They can start purchasing the remaining share in instalments after just 12 months.
Mary said: “With Redrow matching the Government pound for pound to provide the 30% equity loan, no need for a large cash deposit and the loan being interest free for the first five years, HomeBuy Direct is the smart way for people to get the new home they’ve always wanted at a price they can afford.”
Redrow has redeveloped the former Royal Aircraft Establishment at Farnborough Central, where a mix of brand new apartments and townhouses blend with elegantly refurbished historic buildings.
Previously only the townhouses at Farnborough Central were included in the scheme. It has now been extended to include a selection of one and two-bedroom apartments with prices from £149,950.
The stylish one-bedroom properties feature an open plan kitchen and living space that’s perfect for modern-day living and entertaining, plus a spacious bedroom and contemporary bathroom with quality fixtures and fittings.
“At Redrow we understand that in the current economic climate it can be difficult to save for a deposit towards your first home, but also recognise that renting is ‘dead money’ that could otherwise be invested in your future,” Mary commented.
“By extending HomeBuy Direct to the apartments at Farnborough Central we aim to help more people make that all-important first step onto the property ladder.”
The new homes at Farnborough Central are conveniently situated next to IQ Farnborough, a vibrant business park with offices, a café, crèche, heritage centre and a recently-opened four-star hotel and leisure complex.
See Also: Property News (6699), Redrow Homes (115), Homes and Community Agency (3), Farnborough Central (2)
Date Published: 16 December 2009
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