‘Help to Buy’ scheme available on final new homes in Church Gresley

With the new ‘Help to Buy’ scheme now available, dreams of owning one of the final homes at Priory Fields in Church Gresley could become a reality for buyers – even if they don’t have a large cash deposit.

Now that there are just two properties available at the popular Redrow development, near Swadlincote, there’s a real sense of urgency as those who wait could soon find they’ve left it too late.

But with the new Help to Buy scheme offering to make buying a brand new home more affordable, it won’t be long before Redrow is celebrating a sell-out.

The scheme enables those who have saved at least a 5% deposit to take out an equity loan from the Government for up to 20% of the purchase price. This means they only need a 75% mortgage from their chosen lender and should be able to access much more competitive interest rates, which would make their mortgage repayments more affordable.

All types of purchasers can apply for an equity loan through ‘Help to Buy’, not just first time buyers. It is available exclusively on new homes.

Pauline Turnbull, sales director for Redrow Homes, (Midlands), said: “Homes at Priory Fields have been extremely popular and people may have thought they would miss out because they don’t have the large deposit required by many lenders. Help to Buy will open the door for those who have saved hard for a 5% deposit, while allowing them access to better interest rates usually reserved for people with much larger savings. But with such limited availability time really is of the essence as it won’t be long before the final two homes are sold.”

The remaining homes are a three-bedroom semi-detached Harlech and a four-bedroom detached Pembroke.

The Harlech is available on the open market at £154,995. With Help to Buy it can be purchased with a deposit of £7,750 and a mortgage for £116,247.

The remaining share is covered by the Help to Buy equity loan, which can be repaid at any time or when the purchaser comes to sell their home.

Alternatively, buyers may opt to take advantage of the offer of a 95% mortgage through the NewBuy initiative.

Or those with a house to sell could secure a buyer through Redrow’s Mastermove service. The award-winning housebuilder may even take a customer’s property in part exchange for a brand new home.

To be in with a chance of purchasing one of the final homes at Priory Fields, visit the sales office and show home, open daily from 10am to 5.30pm. Alternatively, see redrow.co.uk/priory.