Dreams of owning a brand new property could soon be a reality for buyers in Stoke on Trent.
Whether you’re looking for your very first home or want to trade up to somewhere bigger, help is available for those who want to purchase a brand new Redrow home at Water’s Edge in Hanley, Stoke on Trent.
First time buyers can step onto the property ladder with the help of HomeBuy Direct, while those with an existing property to sell could take advantage of part-exchange.
Elaine Mounsey, sales manager for Redrow Homes (NW), explained: “HomeBuy Direct is a Government-backed help scheme, designed to enable first time buyers to invest in their dream home at a price they can afford. Many tenants have already used it to escape the rental trap by taking out an equity loan for up to 30% of the price of a new home.”
With HomeBuy Direct a two-bedroom apartment priced at £74,995 could be yours for an initial outlay of just £52,596; while a four-bedroom home available at £174,995 on the open market can be snapped up for £122,496 utilising the equity loan.
“Those who want to make that important but often tricky first step onto the property ladder need to act fast as sales on HomeBuy Direct properties must be legally complete by September,” Elaine commented.
“If you’ve resigned yourself to a lifetime of renting under the misconception that homeownership is beyond your means, think again. With HomeBuy Direct you shouldn’t need a large cash deposit and only need to pay 70% up front so you should be able to access some of the better mortgage rates around.”
HomeBuy Direct is open to purchasers who have an annual household income less than £60,000, including first time buyers, those re-entering the property market following a change in circumstances such as divorce or the breakdown of a relationship and potentially families needing room to grow.
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.
Help is also available for buyers looking to trade up to a bigger, better property.
“At Redrow we understand how frustrating it can be to fall in love with a brand new home, only to be held back by your old one – that’s why we’re offering part-exchange on selected properties at Water’s Edge,” Elaine said.
“We’ll buy your old home so you can buy one of ours. It’s ideal for those who want a quick move as there are no estate agent’s fees to pay, you won’t have to organise a Home Information Pack and you won’t get caught up in a housing chain.”
All Redrow homes feature convivial open plan living spaces, with contemporary kitchens boasting top name appliances and sleek bathroom suites.
Water’s Edge is part of an exciting regeneration project alongside the Caldon Canal, giving residents the opportunity to help shape the blossoming community.
See Also: Redrow Homes (115), Stoke-on-Trent (18), Water’s Edge (1), Hanley (2), HomeBuy Direct (62), Property News (6711)
Date Published: 12 May 2010
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