House hunters in the Warwickshire town have discovered that owning a brand new home is easier to afford thanks to Help to Buy.
The Government-backed Help to Buy scheme offers customers the chance to take out an equity loan for up to 20 per cent of the purchase price. It's been an instant success at Redrow Homes' Eliot's View development.
Pauline Turnbull, sales director for Redrow Homes in the Midlands, explained: "We've had a brilliant response to the introduction of Help to Buy across the region. We'd experienced sales success at Eliot's View with previous schemes such as FirstBuy, but Help to Buy seems to be even more popular.
"We are working with potential purchasers who recognise that the Government is offering a fantastic opportunity to buy a brand new home at an affordable price through Help to Buy."
Under Help to Buy, customers with a 5 per cent deposit will be able to take out an equity loan for up to 20 per cent of the purchase price. They will then only need a mortgage for 75 per cent of the property's value, which should give them access to some of the better rates usually reserved for those with hefty savings or substantial equity in the home they're moving from.
Eliot's View offers a good choice of properties, ranging from two bedroom apartments to four bedroom detached family homes. Prices start from as little as £98,995 on the open market or an initial £79,196 with Help to Buy.
Available from £199,995, it can be purchased for an initial outlay of £159,996 with Help to Buy. The initial outlay includes a deposit of £10,000 and a mortgage for £149,996. The remaining share is covered by the equity loan. The loan is interest-free for five years and can be repaid when the customer has more funds available or when they resell.
Featuring designs from the New Heritage Collection, the homes look traditional from the outside but are bright and modern inside. The high specification offered as standard includes stylish, yet practical kitchens that are well equipped with integrated top brand name appliances, while bathrooms and ensuites enjoy quality fixtures and fittings, with an exclusive tile range.
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