Help for first time buyers in Chorley
First time buyers’ dreams of home ownership could become a reality sooner than they anticipated with a visit to Sandhurst Gardens in Chorley.
FirstBuy is available at the popular Redrow development and this weekend (February 18 – 19) the award-winning house builder is hosting a special event to explain how the scheme can help make buying a home easier to afford.
Lesley Myers, area sales manager for Redrow Homes (Lancashire), commented: “Home ownership is still an aspiration for many and according to the property portal Rightmove there’s been an increase in the number of people who plan to buy their first home this year. At our first time buyer event we’ll be explaining to potential purchasers just how easy and affordable setting up home can be. We’ll guide visitors through the FirstBuy process, making is at as simple and straight forward as possible.”
Prices at Sandhurst Gardens start from £154,995 for a three-bedroom Broadway style home. However, eligible purchasers may be able to take out an equity loan for up to 20% of the price, reducing their initial outlay to £123,996 with FirstBuy.
The remaining share is covered by the equity loan, jointly funded by Redrow and the Homes & Communities Agency. Crucially it’s interest free for five years and can be repaid when the customer has more funds available or when they re-sell.
FirstBuy 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 those with savings of around £6,200 could find they only need to secure a mortgage for £117,796 to purchase a three-bedroom home at Sandhurst Gardens.
“Thanks to FirstBuy first time buyers won’t need to compromise on style to afford a home of their own. Instead of settling for an older property that may need lots of modernisation, they’ll be able to experience the joy of owning a brand new Redrow home. With integrated kitchen appliances including microwave, oven and fridge freezer they won’t have to worry about buying and installing white goods either,” Lesley added.
“Householders could also save money on the cost of running their new home as with double glazing and central heating included as standard they’re more energy efficient than their older, second hand counterparts.”
It’s not just first time buyers that could find their ideal home at Sandhurst Gardens. The development in Pilling Lane also features a choice of three and four-bedroom family homes, some of which are almost ready to move into.
The first time buyer event at Sandhurst Gardens takes place this weekend (February 18-19). For more information, visit redrow.co.uk.