Would-be home owners who feared they had been priced out of the property market will be delighted to discover that a Government-backed help scheme has been extended to apartments at Barking Central.
Eligible home owners can now take advantage of HomeBuy Direct, taking out an equity loan for up to 30% of the purchase price on selected Redrow properties at the popular development, making home ownership cheaper and easier to achieve.
Mary Timlin, sales director for Redrow Homes, explains: “At Redrow we understand how easy it is to get caught in the rental trap, spending ‘dead money’ on rent when you really want to save towards buying a home of your own and we’re delighted we’ve been able to extend HomeBuy Direct to selected apartments at The Lemonade Building in Barking Central.
“It’s the ideal way for first time buyers to step on to the property ladder as the loan is interest free for the first five years and hopefully they won’t need a large cash deposit.”
The Lemonade Building offers stylishly designed, easy to maintain and energy efficient apartments, only 20 minutes by train from Canary Wharf and 15 minutes from Fenchurch Street.
One-bedroom apartments are currently available from £143,000 so, with a 30% equity loan through HomeBuy Direct, purchasers could find themselves catapulted onto the property ladder for an initial outlay of just £100,000. There are also some two-bedroom designs.
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.
“Many people renting dream of owning their own home, but are under the misconception that it’s beyond their means. HomeBuy Direct makes buying your own home more affordable and you could even find that your mortgage repayments are less than the rent for an equivalent property would be.
“And unlike renting, where your hard earned cash is effectively thrown away, if you purchase an apartment at The Lemonade Building and property prices keep going up in line with recent reports by Halifax and Nationwide, you could even find the value of your investment has increased,” Mary said.
The unusual name of The Lemonade Building, a 17-storey block of 136 apartments reflects the fact that it’s close to the spot where R-Whites Lemonade was once manufactured. It’s also the final chapter of a hugely successful regeneration story.
The wider scheme, Barking Central, has created more than 500 residential apartments, as well as prime retail space, a new state of the art library and lifelong learning centre, a hotel and the unique feature of a specially created arboretum planted with 40 mature trees.
Home owners will benefit from owning a quality built, brand new home that’s easy to maintain and efficient to run. It won’t require the costly repairs or renovations of an older second hand property, but will feature Redrow’s sophisticated specification, including fully fitted kitchens with integrated appliances.
Two-bedroom apartments enjoy the luxury of en-suite to master bedroom and all properties have a balcony for that all-important outdoor space.
Two stunning show apartments on the 12th floor, with panoramic views of the city, give potential buyers an insight into city living at its best.
See Also: Property News (6699), Redrow Homes (115), Barking Central (4), The Lemonade Building (3), HomeBuy Direct (62)
Date Published: 02 February 2010
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