Buyers in Colchester looking for a quality-built, spacious home will find what they’re looking for at a fraction of the initial asking price thanks to a Government-backed scheme available at The Myle.
HomeBuy Direct could enable eligible buyers to reduce their initial outlay by almost a third by taking out an equity loan for up to 30% of the purchase price, which is interest free for the first five years.
This valuable incentive is currently being offered on a number of spacious properties including the three-bedroom Malham and four-bedroom Ouse.
Jointly funded by developer Redrow and the Homes and Community Agency (HCA), with a 30% equity loan through HomeBuy Direct, the Malham can be purchased with an in initial outlay of just £199,995 and the Ouse for just £260,995.
Perfect for those buyers with a growing family or even young professionals looking for a statement making home, the Malham and Ouse have their living space spread over three floors making them a versatile home.
Beryl Williams, area sales manager for Redrow Homes (Eastern), says: “HomeBuy Direct is the smart way for eligible purchasers to own a brand new home at this popular development.
“They will own 100% of the property from day one but can put off paying up to 30% of the asking price until a time when they have more funds available. They can start purchasing the remaining share in instalments after just 12 months.”
HomeBuy Direct is open to people who have an annual household income less than £60,000, including first time buyers and those re-entering the property market following a change in circumstances, eg. divorce or the breakdown of a relationship.
Beryl adds: “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, this is an excellent opportunity for people looking to spread their wings in a bigger home they have always wanted.
“The fact they potentially only need to borrow 70% of the purchase price should give our customers access to some of the better mortgage deals around and, with new homes easier to maintain, more energy efficient and potentially cheaper to run than older second hand properties, it all serves to make the new apartments at The Myle more appealing.”
The Myle is within easy reach of Colchester town centre and also has convenient access to the A12, while rail links from Colchester North Station offer journey times to Ipswich of less than 20 minutes and to London Liverpool Street in about an hour.
See Also: Property News (6699), Redrow Homes (115), Colchester (43), The Myle (2), HomeBuy Direct (62), Homes and Community Agency (3)
Date Published: 04 January 2010
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