Buy a new home at the Green Quarter with a deposit of just £4,375

Homebuyers can now move into a new home at Cypress Place in the Green Quarter with a deposit of just £4,375 after developer Lend Lease launched a new scheme which provides a 95 per cent mortgage to people struggling to climb the housing ladder.

The Government-backed scheme is called NewBuy and is aimed at would be homebuyers who cannot bridge the ‘deposit gap’.

Many can afford mortgage repayments but latest figures from the Council of Mortgage Lenders show that the average deposit required to buy a home is £27,500 – out of reach for the majority of potential buyers

The NewBuy scheme - which launches at Cypress Place this month - aims to bridge this gap by enabling apartment hunters to own a home with a deposit of just five per cent. This works out as £4,375 on a studio apartment at Green Quarter which is priced at £87,500.

NewBuy is available on selected new-build homes across the country. Both First time buyers and existing homeowners who want to climb the property ladder are eligible to apply. .

Commenting on the NewBuy scheme, Niki Turner, Sales, Marketing and Communications Director at Lend Lease said: “Speaking to our buyers, we’ve found that mortgage availability is still one of the biggest hurdles when it comes to moving home. Lenders are increasingly asking for larger deposits before they will agree to a loan, leaving people stranded if they can’t raise the initial lump sum.

“We’ve launched NewBuy at Cypress Place, the latest phase of our Green Quarter development to give a helping hand to apartment hunters who may be able to afford the mortgage repayments but are worried about saving for the deposit on their dream home.

“We’d urge anyone interested to speak to a member of our sales team to see how NewBuy can help them to move into a brand new apartment.

Lend Lease currently has a range of studio, one and two bedroom apartments in Cypress Place at Green Quarter starting from just £87,500. The development is made up of seven apartment buildings overlooking a landscaped garden with tranquil fountains and a tree-lined boulevard. Residents also get discounted rates on the gym and spa facilities at Pace Health Club next door.

For more information on NewBuy or Cypress Place visit green-quarter.co.uk.