Affordable homes for first time buyers in Chorley

Would-be homeowners who act fast could find that their money goes further. HomeBuy Direct is still available at Redrow’s Cedar Walk venture in Buckshaw Village, Chorley, enabling eligible purchasers to put off paying almost a third off the full market price of a brand new home. It means first time buyers could step on to the property ladder and own their very own home for an initial outlay of less than £60,000.

With the chance to take out an equity loan for up to 30% of the purchase price, it offers customers the chance to potentially save more upfront than the newly introduced FirstBuy incentive being offered elsewhere.

Lesley Myers, area sales manager for Redrow Homes (Lancashire), commented: “Time is of the essence for those who want to take advantage of HomeBuy Direct, as Cedar Walk is one of a diminishing number of places where it’s still available and funding under the scheme will run out in December.

“Those who act now could find that they are able to move sooner than they expected and that their money goes further. They could even discover that buying is cheaper than renting a similar sized property.”

With HomeBuy Direct a one-bedroom apartments at Cedar Walk, usually costing £85,000 can be snapped up for an initial outlay of just £59,500.

The balance comes in the shape of an equity loan jointly funded by Redrow and the Homes and Communities Agency. The loan is interest-free for the first five years and can be repaid when the customer has more funds available or they come to resell.

“HomeBuy Direct offers a lifeline to those who would otherwise be priced out of the property market. It’s a great way for first time buyers to get that crucial first foot on the property ladder, but is also available to those starting over after a relationship break-up,” Lesley added.

“HomeBuy Direct reduces the overall size of the mortgage required and, more importantly, the improved loan-to-value ratio (LTV) means lenders generally ask for a much smaller deposit. It means that buyers with savings of around £4,000 could find they have enough to secure a home of their own.”

To take advantage of HomeBuy Direct your annual household income must be less than £60,000.

Cedar Walk is part of Buckshaw Village, a thriving community, situated between the bustling towns of Chorley and Leyland.

As well as the apartments at Cedar Walk, Redrow has a choice of family homes available at the Village Green and Sandy Lane phases of Buckshaw Village.

Along with the new homes, Buckshaw Village includes a successful business park, shops, a primary school and sports facilities. A new train station, known as Buckshaw Parkway is due to open in October offering direct services to Manchester and Preston.

To find out Redrow could help you step onto the property ladder, visit Cedar Walk, visit redrow.co.uk.