Buy a new home in the Black Country with a 95% mortgage

A deposit of just 5% of the purchase price could be all you need to buy your dream home in Tipton or Bilston, where Redrow is offering the Government-backed NewBuy initiative.

It’s available at Chestnut Walk in Bilston and Heritage Gardens in Tipton, where buyers will have the option of a 95% mortgage.

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.

Pauline Turnbull, sales director for Redrow Homes (South Midlands), says: “Our New Heritage Collection homes boast a high specification as standard, making them much sought-after. Chestnut Walk and Heritage Gardens are already proving popular with those who want a home that looks traditional from the outside, but is stylish and practical inside. Potential purchasers have been delighted to discover that NewBuy is now available and that they may only need a 5% deposit to secure a brand new home.”

She adds: “In our experience, mortgage availability – or the lack of it – and pressure to find a high deposit has been the biggest hindrance to people who want to buy a home. The scale of the NewBuy initiative, the fact it has the Government’s weight behind it and major lenders are on board, should resolve this issue.”

Between Chestnut Walk and Heritage Gardens there’s a choice of three and four-bedroom homes available, with prices from £184,995.

Lenders participating in the scheme will provide a 90-95% mortgage for buyers who meet their qualifying criteria; the lenders will be protected by a mortgage indemnity guarantee (MIG) jointly funded by Redrow and the Government.

It means customers with savings of around £9,000 could find they have enough for a deposit on a three-bedroom home.

“NewBuy isn’t just open to first time buyers, but can also be used to help homeowners climb the property ladder,” Pauline added.

“Working with designated lenders, we will refer customers to our mortgage specialists for the financial advice they need, making the process as simple, swift and straight-forward as possible.”

Homes are from the New Heritage Collection and have been influenced by the architecture of the Arts & Crafts era, while inside they boast bright, modern interiors with convivial open plan spaces and high quality fixtures and fittings.

Kitchens are both practical and stylish and are well-equipped with integrated top brand name appliances including oven, microwave and fridge freezer, plus tall cabinets and extra wide drawers that offer plenty of storage.

To find out how Redrow could help you buy your dream home, visit the sales office and show homes at Heritage Gardens in Upper Church Lane, Tipton, or at Chestnut Walk in Dudley Street, Bilston.

For more information about Heritage Gardens, visit redrow.co.uk.