Help for homebuyers in Wigan
With a range of incentives available – including 95% mortgages – buying a brand new home in Wigan is now even easier.
Whether you’re a first time buyer or looking to make your next move on the property ladder, Redrow has a scheme to help you buy your dream home at College Court and you may only need a deposit of 5% of the purchase price.
Award-winning Redrow is one of the first developers to offer NewBuy, giving customers the option to take out a 95% mortgage on a brand new home.
NewBuy is an initiative available to customers spending up to £500,000 on a newly built home and gives them access to competitive interest rates without a large deposit.
It means that those who have around £5,000 could find it’s enough to secure a two-bedroom home at College Court.
Alternatively, those starting out in life may qualify for FirstBuy or Wigan Council’s own affordable homes scheme, enabling them to defer paying a percentage of the price of a brand new home.
Lesley Myers, area sales manager for Redrow Homes (Lancashire), said: “Those who dream of owning a brand new home but think they won’t be able to secure a mortgage without a large cash deposit could be pleasantly surprised to discover that it’s within their reach. NewBuy and FirstBuy are both designed to help those who may otherwise be priced out of the property market, whether they are first time buyers or homeowners looking to make the their next move on the housing ladder.
“We will work with designated lenders, and refer customers to our mortgage specialists for the financial advice they need, making the process as simple, swift and straight-forward as possible.”
FirstBuy and the council’s affordable homes scheme differ from NewBuy in that they reduce the initial amount that a purchaser pays for their home. With a loan for 20 to 30% of the purchase price, it means that the customer only has to apply for a mortgage for 70 to 80% of the property price.
As a result, at College Court there are two-bedroom homes available from as little as £69,997.
An equity loan of £26,000 covers the remaining share. This loan is interest free for five years and can be repaid when the customer has more funds available or when they resell.
Alternatively, existing home owners with a house to sell could benefit from Mastermove, whereby Redrow enlists the help of a tried and tested local estate agent to market the property and will even pay the agent’s fees at the end of the day.
To experience all that a brand new Redrow home has to offer, visit College Court, open Thursday to Monday from 10am to 5.30pm. For more information, visit redrow.co.uk.
