Why rent when you can buy in Oldham

Escape the rental trap to an affordable home of your own in Oldham with HomeBuy Direct.

With prices from just £70,000 new Redrow apartments at Spinners Mews in Chadderton offer the perfect solution for those who are tired of wasting their hard-earned cash on rent. And with the help of HomeBuy Direct, eligible customers could find that homeownership is even more affordable.

Lesley Myers, area sales manager for Redrow Homes (Lancashire), commented: “According to property website Zoopla*, renting is now more expensive than owning in 80% of towns and cities and the difference is rising. It means that instead of asking if they can afford to buy, those who are caught in the rental trap should be asking themselves if they can afford not to buy. HomeBuy Direct has been a lifeline to people in the Oldham area who would otherwise have been priced out of the property market and is now only available on selected properties. But With limited government funding available for the scheme, those who want to take advantage of the valuable help should act now to avoid disappointment.”

With HomeBuy Direct, certain groups of customers can take out an equity loan for up to 30% of the purchase price of selected properties at Spinners Mews. It means a one-bedroom apartment, available on the open market at £70,000, could be snapped up for an initial outlay of as little as £49,000.

The outstanding balance can be repaid when the customer has more funds available or when they come to resell. Crucially, the loan is interest free for five years.

HomeBuy Direct is open to purchasers who have an annual household income less than £60,000, including first time buyers, those re-entering the property market following a change in circumstances such as divorce or the breakdown of a relationship and potentially families needing room to grow.

“It can be hard trying to save money for a deposit while you’re paying rent, but with ‘HomeBuy Direct you should only need to raise a relatively small deposit of around £2,450 to buy an apartment at Spinners Mews,” Lesley commented.

“And unlike some older, second hand properties they won’t require lots of repairs and renovations before you can move in. The apartments boast high specification interiors including kitchens with integrated top brand name appliances and bathrooms that enjoy quality fixtures and fittings. Well insulated, with central heating and double glazing included as standard they’re also efficient to run, enabling homeowners to keep warm in the winter without having to worry about hefty fuel bills.”

Located in New Fields Road, Spinners Mews is the ideal base for commuters, with easy access to Oldham, Rochdale and Manchester.

For details of the latest availability and pricing, visit the sales office, open Thursday to Monday from 10am to 5.30pm.

* zoopla.co.uk/press/releases/cost-of-renting-remains-far-less-attractive-than-home-owenership