Time to buy your first home in Farnborough?
Would-be homeowners in Farnborough could find they’re priced into not out of the property market, as low interest rates, improving consumer confidence and the offer of Help to Buy equity loans fuel rising numbers of first time buyers.
A review by the Halifax reported a 22% increase in first time buyers during 2013, with the average purchaser paying a deposit of almost £31,000.
But those who buy an apartment at Farnborough Central with Help to Buy could find they don’t need such a hefty sum saved up to be able to purchase a home of their own.
By taking out an equity loan for up to 20% of the purchase price, they should find that they only need a relatively small deposit of around 5%, plus a 75% mortgage from their chosen lender.
In fact, with Help to Buy, a down payment of £10,750 could be enough to secure a two-bedroom Redrow apartment at Farnborough Central.
Julie Davies, sales manager for Redrow Homes (Southern Counties), says: “We continue to find that people want to own a home of their own but think they won’t be able to if they don’t have tens of thousands in the bank. The reality is that with Help to Buy they could buy much sooner than they anticipated and with only a third of the average deposit paid by first time buyers in 2013.
“It really is a great way for those starting out to make that crucial first step onto the property ladder, as reducing the initial outlay with an equity loan not only means customers need a smaller deposit but they can look forward to lower than expected monthly mortgage repayments.”
Two-bedroom apartments at Farnborough Central are currently available from £214,950. Factor in Help to Buy and the initial cost could be reduced to £171,960. The remaining share is covered by the equity loan, which is interest free for five years and can be repaid when the customer has more funds available or when they resell.
“Our apartments at Farnborough Central are ideal for first time buyers as they are well equipped with many of the essentials people need when they’re setting up home such as fridge freezer, oven and hob, plus washer-dryer,” Julie adds.
“The fact that we include these items as standard could make a real difference to what people can afford, as having to buy them new could eat up a sizeable chunk of their savings.”
To find out how Help to Buy could enable you to purchase a fully equipped, brand new apartment at Farnborough Central, visit the sales office, open daily from 10am to 5.30pm. Alternatively, see redrow.co.uk/farnborough.
