Make the most of a 5% deposit scheme in Birmingham city centre

Househunters struggling to raise a large deposit are being encouraged to enquire about the five per cent deposit schemes now available on new build developments across the Midlands.

Believing strongly in the advantages these low deposit schemes bring, Crest Nicholson has launched both the Government’s Help to Buy and NewBuy initiatives at its Park Central residential development in Birmingham city centre and is encouraging potential purchasers to explore the benefits they offer.

Help to Buy, the equity loan scheme that was launched in April, has already been celebrated for boosting the current property market, allowing people on all stages of the property ladder to purchase a home for just 80 per cent of the listed price – made up of a five per cent deposit and 75 per cent mortgage. The remaining 20 per cent is provided in the form of an equity loan from the Government – the purchaser, however, owns 100 per cent of the property.

Alternatively, the NewBuy scheme is designed to help people buy a newly-built home by offering a mortgage of up to 95 per cent of the property’s value with an agreed major high street lender. It’s aimed at first-time buyers and those who already own a home who have higher monthly incomings but who only have a small deposit saved.

Ruth Williams, sales manager at Park Central said: “The Government has launched two schemes that offer a great opportunity for those people struggling to raise a large deposit, but many househunters are often confused about how the schemes can work for them.

“Under both NewBuy and Help to Buy, househunters could secure a luxury one bedroom apartment at Park Central with a deposit of just £5,580. Giving people the choice between a 95 per cent mortgage scheme and an equity loan scheme means there are two ways in which potential purchasers can take advantage of a five per cent deposit and decide which option suits their lifestyle best.

“Largely, this decision will be based upon people’s incomings and outgoings and what they can afford to pay back in monthly mortgage repayments. At Park Central, we will happily arrange a meeting between househunters and an individual financial advisor to help work out which scheme is best suited to a purchaser.”

Both Help to Buy and NewBuy are available on the brand new homes in Park Central’s latest phase, Central Plaza. One bedroom apartments in Central Plaza start in price from just £117,000 and two bedroom apartments are available from £158,000.

Built with high quality fixtures and fittings, designer kitchens and contemporary bathrooms, the 132 new apartments in Central Plaza are split over two iconic buildings which are currently under construction at the heart of Park Central. Each apartment boasts fantastic views over the extensive landscaped parkland on the development and are just a short walk away from the shops, restaurants and attractions that the city has to offer. The majority of apartments also benefit from gated parking and a spacious balcony.

For more information about the five per cent deposit schemes, visit the Park Central sales office which is open daily from 10am to 5pm and is located at 61 Mason Way, Birmingham B15 2GE. Alternatively, log on to parkcentral.co.uk.