You can get on the property ladder with a 5% deposit at Vulcan Rise
Storey Homes has launched its latest collection of stunning 2, 3 and 4 bedroom family houses at Vulcan Rise, part of the successful Valiant Square development on the former Ministry of Defence site near Ramsey in Cambridgeshire. With the FirstBuy scheme available at the development, first time buyers will be able to get on the property ladder with a deposit of just under £9,000.
According to research by Barclays , saving for a first home is much harder than it was in the property boom of the mid-1990s. New buyers have to wait eight years to buy their first home and a substantial proportion of them will need to get financial help from their family. Based on average house prices in the UK, someone buying their first home will need to find a deposit of just over £31,000.
Matthew Storey from Storey Homes comments: “First time buyers need all the help they can get and the Government backed Firstbuy scheme offers an exciting opportunity to help people buy their first home. Purchasers need to find just 5% of the purchase price as a deposit and up to 20% will be provided in the form of a shared-equity loan funded by Storey Homes and the Homes and Communities Agency. The buyer then arranges a mortgage for the balance of the purchase price.”
Prices at Vulcan Rise start at £179,950 for a two bedroom property, which requires a 5% deposit of £8,997, a mortgage to be arranged for £134,963 and the balance of £35,990 is provided by the shared-equity loan. Buyers can then purchase up to 100% of the property in instalments after moving in, or proportionally share the remaining equity of the house when it is sold at the current market rate. To qualify for FirstBuy, the applicant’s household income must be less than £60,000 a year and they must be unable to finance a property in the area where they currently live or work.
The two, three and four bedroom houses come complete with garages and are finished to a high specification. All homes feature specialist designer kitchens with A+ rated energy efficient appliances, luxury bathrooms and en-suite shower rooms to the master bedrooms. The homes also have impressive green credentials in the form of air source heat pumps which extract heat from the outside air which is used to heat radiators, thus reducing fuel bills.
Valiant Square formerly provided accommodation for married officers serving at RAF Upwood, which originally opened in 1917, closed in 1995 and played a major role in the character and recent history of nearby Bury and Ramsey.
Ramsey is a historic market town founded around the Benedictine abbey in the 10th Century; the medieval gatehouse remains today. The bustling town provides a selection of shops, cafes and public houses, amply accommodating everyday needs. For fitness enthusiasts, a sports centre, bowls club, tennis clubs and Ramsey Golf club are within easy reach. Families are also well catered for, with a good selection of primary, secondary and sixth-form schools.
Situated about 20 minutes from the A1 running north and south and within 15 minutes of the A14 running east and west, residents have easy access to surrounding towns and villages. Huntington is around 20 minutes away and Peterborough can be reached in 25 minutes; both are served by mainline railway stations into London.
Prices at Vulcan Rise start at £179,950 for a two bedroom home. For more information and to book an appointment, visit storey-homes.co.uk.
