It's a great time to be a first time buyer in Manchester, with Lovell offering an unmissable opportunity to move into the final house at Fairfields, in Openshaw, for less.
The housebuilder is offering its best ever shared equity scheme so buyers can initially purchase a three-bedroom house for only 75% of the full price but still own 100% of their home. It means the final three-bedroom semi-detached house at Fairfields is available for an initial outlay of just £104,996, including a 5% deposit of less than £7,000.
There's no interest or rent to pay on the deferred amount and you have 10 years to pay it back.
Lovell is building a high quality range of homes at Fairfields, close the city centre as well as local shops and amenities.
Elaine Taylor, regional sales manager for Lovell, said: "This is a fantastic incentive for first time buyers who may be finding it difficult to save for the large deposits required by many mortgage providers. Our shared equity scheme gives homebuyers a viable alternative to renting and means they have an asset to show for their money."
Another option for first time buyers is the Government-backed FirstBuy scheme, also available on the final house at Fairfield. This sees home owners receive an interest free loan for up to 20% of the purchase price, jointly funded by Lovell and the Government, but still own 100% of their home from day one. It's available to first time buyers or people wanting to return to home ownership, provided their household earnings are less that £60,000 a year.
Elaine added: "Both schemes have different benefits and criteria but we can guide customers through which is the best option for them."
See Also: Property News (6705), Lovell (20), Manchester (29), Fairfields (16), Openshaw (4)
Date Published: 23 November 2011
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