Elan offers a lending hand to first time buyers in the South West
There's good news for first time buyers in Bristol and Gloucestershire who could buy a new home without substantial savings, thanks to a new incentive from Elan Homes.
The developer is committed to helping first time buyers and those looking to move up the property ladder and has introduced its Elan Homebuy scheme. It offers customers the chance to take out an interest-free 10 year loan for up to 15% of the price on selected properties, and they will still own 100% of their home.
Available on homes at Mortimer Gardens, in Stoke Gifford, Bristol, and Mill Brook, in Wotton-under-Edge it means purchasers should only need a deposit of around 5% to secure a new home.
Andrea Nippe, head of sales for Elan Homes in the South, says: “Elan Homebuy is a great deal and exceptional value. It compares favourably against other Government schemes as the loan is interest free for up to 10 years, while those who buy with the Government-backed FirstBuy scheme will have to pay interest after only five years.
“And when it comes to repaying the loan you can rest assured that even if the value of the property increases, it won’t affect how much you have to pay back, unlike other schemes.”
With Elan Homebuy, two-bedroom apartments at Mortimer Gardens are available from an initial outlay of just £118,956 (full price £139,995) and deposit of less than £7,000.
At Mill Brook, buyers could own a two-bedroom semi-detached house with a garage from just £152,996 (full price £179,995) and a deposit of less than £9,000.
Andrea adds: “Figures released by the Council of Mortgage Lenders suggest that the average first time buyer deposit is now around £25,000, but with our Elan Homebuy scheme you may only need a fraction of that to secure a brand new home.
Despite the low deposit, buyers should still be able to access some of the better mortgage rates usually reserved for those with substantial savings or equity in an existing property.
The application process for the valuable help is quick and simple and once the mortgage application has been approved customers will be able to proceed with the purchase of their new home under the professional guidance of the experienced sales team.
Mortimer Gardens has proved a very popular and successful development for Elan and just a handful of properties remain for sale. It is close to Bristol city centre but feels a world away from city life. The motorway network is within easy reach as is Bristol Parkway railway station, with direct rail links to the city and beyond. Neighbours to the development include the major employment hubs of the University of the West of England and the MoD’s Abbey Wood site.
Mill Brook is located close to the centre of Wotton-under-Edge, a bustling market town with all shops, pubs, restaurants and a host of leisure activities, including small cinema and swimming pool, which opens during the summer months. It lies close to the M5 and M4, providing easy commutes to Bath, Cheltenham and Gloucester as well as Bristol.
Information about the homes for sale can be found at elan-homes.co.uk.
