Take the 15 minute mortgage challenge
Homebuyers are invited to an event designed to de-mystify the mortgage process and potentially surprise buyers as to what they can afford.
It’s particularly pertinent given recent changes to lending criteria and will help would-be home owners understand the new rules.
Redrow’s ‘15 Minute Mortgage Challenge’ takes place on Sunday, June 1 at Holtby Gardens in Cottingham, near Hull. Visitors can receive free, impartial mortgage advice and have any of their questions answered by new homes mortgage experts.
What’s more, buyers may be pleasantly surprised to discover they can afford more than they think, which is what happened to NHS worker Suse Eapen.
Suse, 42, said. “As a single parent with two children, I was over the moon when I found out that I could borrow more than I thought and therefore upgrade from a two-bedroom property for the three of us, to a much more suitable four-bedroom detached home. After speaking to Redrow’s mortgage advisers, I was able to utilise ‘Help to Buy’ and be approved for a mortgage without any hassle. I never thought it would be possible and now we’re due to move in at the end of July. It’s worked out perfectly.”
Recommending potential home owners to try the 15 Minute Mortgage Challenge, she added: “It’s well worth speaking to one of the advisors at the event as there is plenty of help on offer and it could be a real surprise as to what you can afford.”
New homes mortgage specialists will be on hand at the event to talk about all the available incentives, including Help to Buy, to review customers’ finances, assess how much they can afford to borrow and guide them through the buying process. They’ll also be able to explain some of the changes brought about by the recent Mortgage Market Review (MMR) and their implications for borrowers.
Patsy Aicken, sales director for Redrow Homes (Yorkshire), said: “There’s been a lot of talk and speculation in the media about the implications of new mortgage legislation and some people may be confused or nervous. We want to help potential customers understand what it all means to them and let them know as simply and clearly as possible how much they can borrow. And they, like Suse, may be pleasantly surprised by the outcome.”
With Holtby Gardens now into its final phase, Redrow is urging people to take this opportunity to find out more about how to own one of the remaining three and four-bedroom detached homes. Prices start from £233,950 but can be reduced using Help to Buy.
The Government scheme allows home buyers to take out a 20% equity loan, which is interest free for five years. They then only need a 75% mortgage and 5% deposit to purchase their new home and monthly mortgage repayments should be lower than expected.
Using the house design that Suse plumped for - the four-bedroom detached ‘Stratford’ - as an example, its full market value is £241,950. However, it can be snapped up for just £193,560 with Help to Buy. The lower price includes a customer deposit of £12,098 and a mortgage of £181,463. The balance is then covered by the equity loan.
Located on Dunswell Road, in Cottingham, Holtby Gardens is ideally situated close to some beautiful countryside with easy access to fantastic local amenities including a good choice of eateries and stores on Cottingham’s two Victorian high streets. Hull and Beverley can be reached in less than 10 minutes by train from the local station.
The 15 Minute Mortgage Challenge will take place at Holtby Gardens, Dunswell Road, on Sunday June 1 between 11am-4pm.
For more information about the homes available, see redrow.co.uk/holtby.
