FirstBuy available on one bed apartments at Park Central
The government’s popular equity loan scheme, FirstBuy, has now been made available on one bedroom apartments at the award winning Park Central residential scheme in Birmingham – and as an added bonus purchasers can now reserve a new home at the development for just £99!
Already available on two bedroom apartments at Park Central, first time buyers will now be able to purchase a one bedroom apartment in the stylish Lincoln building for as little as £91,200 under FirstBuy, marking a saving of 20 per cent off the £114,000 list price. Additionally, househunters will need a deposit of just £5,700.
FirstBuy allows first time buyers to own 100 per cent of their home for just 80 per cent of the price as Crest Nicholson (the developer behind Park Central) and the Homes and Communities Agency offer a loan of up to 20 per cent of the full purchase price. The loan is equity free for the first five years, after which a fee of 1.75 per cent is payable. Loans must be repaid when the home is sold.
Ruth Williams, sales manager at Park Central said: “The government’s FirstBuy scheme is a great initiative which gives first time buyers a fantastic and viable opportunity to get onto the property ladder. Launching FirstBuy on our one bedroom apartments at Park Central means that those people hunting for their first home now have a greater choice of properties to choose from and all from our latest phase at the development.
“Helping people purchase their dream home has always, and will always be, our top priority at Park Central so for a limited time only we will also be offering househunters the chance to reserve a new apartment for as little as £99! Reducing some of the additional costs associated with buying a home really can make all the difference so I would advise people not to miss out on this opportunity.”
In addition to the low reservation fee, Crest Nicholson will pay solicitors and IFA fees for first time buyers purchasing a new home at Park Central.
Ruth continues “With younger househunters and city professionals in mind, our apartments have all been designed in a contemporary style with modern and sleek finishes and fixtures throughout. Park Central is perfectly situated for those people who want the city life but who also want the peace and tranquillity of living amongst plenty of greenery – after all the apartments are situated amongst eight acres of landscaped parkland and it doesn’t come much greener than that in Birmingham city centre.”
For more information, visit parkcentral.co.uk.
*The amount of deposit required may vary depending on the scheme rules and the lender for mortgage finance.
**Purchasers must meet the criteria set down by this government scheme to be eligible for FirstBuy, details of which are available from the Crest Nicholson sales advisor. The FirstBuy equity loan will need to be repaid when the property is sold or after 25 years i.e. up to 20 per cent of the property’s total sale price (10 per cent government contribution and 10 per cent Crest Nicholson contribution).
