George Wimpey announces new homes in Bolton from just £297 per month!

With brand new homes in Bolton now costing from just £297 per month, George Wimpey Manchester is asking, why rent when you can buy?

Thanks to the government-backed HomeBuy Direct scheme, George Wimpey Manchester is offering brand new two bedroom apartments from just £52,495 at its Millgate development on Crescent Road. The housebuilder says that payments on a mortgage for this amount could be as little as just £297 per month*.

HomeBuy Direct is a government-backed scheme aimed at helping purchasers with a household income of less than £60,000 afford the home they want, subject to eligibility and affordability checks**.

Under the scheme, buyers are provided with an interest free equity loan for up to 30 per cent of the value of the property for the first 5 years, co-funded by the Homes and Communities Agency and George Wimpey, helping first time buyers overcome the hurdles of high mortgage costs and larger deposits.

George Wimpey Manchester sales and marketing director Anthony Mansfield said:

“HomeBuy Direct is helping some people get a foot on the property ladder who thought they might never get the chance. The scheme even allows would-be purchasers to own their own home without having raised a deposit beforehand.

“When you take that into account, it does raise the question of why rent when you can own your own home for such a low monthly outlay.”

At Millgate, the HomeBuy Direct scheme is being offered on Geneva apartment types. The Geneva consists of two bedrooms, combined living/dining room, separate kitchen, bathroom and allocated parking space. Usually, these apartments are available from £74,995 but, under HomeBuy Direct, the purchase price could fall to just £52,495.

And the comparatively low cost of owning a new home doesn’t stop once the purchase is complete. Industry experts say that running costs are significantly lower for a new home when compared to equivalent older homes. Research by National Energy Services found that average energy bills for a new build home could be as much as £556 cheaper than older home.***

All new homes at Millgate come complete with a 10 year warranty offered by the NHBC (National House Building Council). A two year George Wimpey warranty is also offered, covering some items not included in the NHBC Buildmark scheme.

Millgate is located just outside Bolton town centre within easy reach of the town’s wide selection of High Street stores, shops, cafes, bars and restaurants.

Further information about the homes available at Millgate is available by visit the development on Crescent Road, open Thursday to Monday from 11am to 5pm.

* This is based on a 35 year repayment mortgage borrowing £52,495 at a fixed rate of 5.89% with 24 monthly payments to the lender of £ 296.57 followed by 384 monthly payments of £236.61 at a variable rate, currently 4.00% to give an APR of 4.6%. The booking fee of £199 can be added to the loan. The total amount payable including the amount borrowed is £101,772. Early repayment charges will apply if you repay all or part of this mortgage within the first 2 years. All interest rates are subject to change.

See Also: Property News (5994), George Wimpey (77), Bolton (11), George Wimpey Manchester (7), HomeBuy Direct (62), Crescent Road (1), Millgate (3), Homes and Communities Agency (22), Anthony Mansfield (5), The Geneva (3), National Energy Services (2), NHBC (19), National House Building Council (14), NHBC Buildmark Scheme (2)