Double dose of help for Rochdale homebuyers
Help to sell your current property and a 20% initial saving off the price of a brand new home may seem too good to be true, but it’s not!
Redrow is offering the double whammy of help to customers at its Birch Grange development in Wardle, Rochdale.
Combining Redrow’s Mastermove service with Help to Buy is a recipe to make moving quick, simple and affordable.
Claire Jarvis, sales director for Redrow Homes (Lancashire), says: “It’s not often that we can combine two different kinds of help in this way but provided customers have sold their existing home subject to contract they can use the increasingly popular Help to Buy scheme to make their next move. Our Mastermove incentive is the perfect tool to get them to this stage.”
First, Redrow will appoint an estate agent to market the client’s existing property. Once the deal is agreed, Redrow will pay the agent’s fees and the customer can go on to buy one of the brand new homes at Birch Grange.
The Government backed Help to Buy scheme has already helped thousands of people across England to buy a brand new home – for less. Housing Minister Mark Prisk recently praised the initiative when he met Redrow customers at another Greater Manchester development.
“Help to Buy has captured the public’s imagination, and is getting Britain building again. So any credit-worthy buyer, whether a first-time buyer or someone looking to move up the property ladder, should contact their local Help to Buy agent and see if they could benefit from the scheme,” he said.
Help to Buy makes homeownership easier to afford via an equity loan for up to 20% of the property’s value and it can help all kinds of home buyers.
Mortgage specialist Andy Mannion, from RSC New Homes, explains: “As previous Government help schemes have targeted first time buyers, it’s possible that second steppers and other homeowners don’t realise they could benefit from this valuable assistance.
“The basic eligibility criteria is that customers must be able to afford the monthly mortgage repayments and must have sold their current property, subject to contract. Mastermove lets them do this quickly and simply. Redrow will do a lot of the legwork, liaising closely with a local agent and monitoring their activity in a bid to get the property sold in the fastest possible time.
“The customer can then be guided to the Help to Buy agent and mortgage adviser to enable them to buy the brand new home of their choice.”
The home they choose could be any one of a number of spacious, high specification, four-bedroom detached homes currently on the market at Birch Grange.
For example, the Kenilworth town house with en-suite to master bedroom, ground floor cloaks and beautifully fitted kitchen with to brand name appliances is normally priced at £179,995; purchased with Help to Buy it requires an initial outlay of only £143,996.
The lower price is made up of a 5% deposit from the customer and a mortgage for 75% of the property’s full value. The remaining 20% share is covered by the equity loan, which is interest free for five years and can be repaid when the customer has more funds available or when they resell.
“Borrowers increase their purchase capacity by using Help to Buy. Taking out an equity loan for up to 20% of the price means they’re likely to be able to afford somewhere bigger than they would otherwise on the open market.” Andy adds.
“Plus, because they only need a 5% deposit, it’s great for those who bought when house prices were at their peak and perhaps don’t have as much equity in their current home as they would like.”
To find out about the win-win situation of using both Mastermove and Help to Buy to buy a brand new home at Birch Grange, visit the development Thursday to Monday from 10am to 5.30pm.
For details of the latest availability and pricing, see redrow.co.uk/birch.
