Help to buy now available in Ormskirk
Homebuyers in Ormskirk could find that their money goes further thanks to Help to Buy.
The Government-backed scheme is now available on all new homes at Redrow’s Oakwood Park offering customers the chance to save thousands off the initial purchase price with the help of an equity loan.
The introduction of the scheme is great news not just for those looking to buy their first home, but existing homeowners who want or need to move as it reduces both the size of the deposit and mortgage required.
Claire Jarvis, sales director for Redrow Homes (Lancashire), explains: “We are delighted to be able to offer Help to Buy at Oakwood Park as it can make a real difference to what people can afford. There’s been a lot of talk about it in the media, but because it’s so new people are perhaps unsure about what Help to Buy could mean for them. Unlike previous Government-backed schemes which offered equity loans it’s not just open to first time buyers but can be used by other purchasers too. For example, families who have outgrown their current property could find they’re able to move to somewhere larger without having to worry about the cost of the extra space. So if it’s time to move, then it’s time to talk to Redrow about Help to Buy.”
Under Help to Buy customers with a 5% deposit will be able to take out an equity loan for up to 20% of the purchase price. They will then only need a mortgage for 75% of the property’s value, which should give them access to some of the better rates usually reserved for those with hefty savings or substantial equity in the home they’re moving from.
For example, a three-bedroom Thirlmere available on the open market for £197,995 can be purchased for an initial outlay of £158,396 with Help to Buy. The initial outlay includes a deposit of £9,900 and a mortgage for £148,496. The remaining share is covered by the equity loan. The loan is interest free for five years and can be repaid when the customer has more funds available or when they resell.
Located in Wigan Road, Ormskirk, Oakwood Park features a choice of three and four-bedroom homes from the sought-after New Heritage Collection.
Traditional on the outside, bright and modern inside they all boast Redrow’s high standard specification as standard. Kitchens are stylish, yet practical with integrated top brand name appliances and tall cabinets and extra wide drawers that offer plenty of storage; while bathrooms and en-suites boast quality fixtures and fittings, with an exclusive tile range.
To discover how you could purchase a brand new home with Help to Buy, visit Oakwood Park, where the sales office and show home are open Thursday to Monday from 10am to 5.30pm.
For more information see redrow.co.uk.
