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Wouldn’t you rather own your own home?

13th August 2017 Print
Redrow’s Letchworth style home is available at both developments.

Arguments over whether it’s cheaper to rent or buy abound, often with the answer varying between big cities and rural towns. But the true answer comes down to much more than comparing monthly outlay for rent or mortgage repayments.

“With renting there’s always the feeling it’s transient and you’re paying out money every month for something that will never be yours,” says Pauline Turnbull, sales director for Redrow Homes (Midlands).

“While taking out a mortgage can make you feel that you are investing wisely and will have something to show for your investment at the end of the day,”

Redrow has developments in Shropshire where our experience shows that monthly mortgage payments can be similar to – or even less than – typical rents for the same size property. They include Aston Fields in Shifnal and The Coppice, in Leegomery.

And with the Government backed Help to Buy incentive still available, a 5% deposit may be sufficient to secure a new home.

Pauline explains: “Not having a sizeable deposit to put down can be the main reason that a lot of people rent rather than buy. They just don’t feel they have enough money saved to be able to afford to buy a home of their own. But very often that isn’t the case.

“We’ve had lots of instances of customers pleasantly surprised by just what they can afford once they sit down and talk to a specialist mortgage adviser who understands all the options available to them.”

Help to Buy reduces the initial outlay for a new home by up to 20%, via an equity loan which is interest-free for five years. It’s designed to help those who don’t have a large deposit or want to manage their mortgage repayments more easily in the first few years. They can typically buy with a 5% deposit and a 75% mortgage from a lender of choice.

On Redrow’s Arts & Crafts inspired Heritage Collection homes in Shifnal and Leegomery this can make a big difference.

A Letchworth three-bedroom semi, for example, priced at £189,995 at The Coppice, in Leegomery, would require a deposit of just £9,499.75 with Help to Buy. The remainder would be made up of a mortgage for £142,496.25 and the equity loan of £37,999.

“Looking at figures like this can be scary, but we can put customers in touch with mortgage advisers who will explain it all in plain and simple terms – and, crucially, boil it down to what an individual’s monthly outgoings will be. And often that is less than the cost of renting a similar sized property in the same area. Plus it will be a home they can call their own,” Pauline adds.

Of course there are lots of other benefits to owning rather than renting a home too.

Home owners can decorate exactly how they wish and really put their own stamp on a property – something that’s not always possible in a rented house or flat. And, with a brand new home there’s the added enjoyment that no one has lived in it before. The kitchen, bathrooms, appliances, etc are all pristine, new and unused.

Both Aston Fields, which has three-bedroom homes from £224,995, and The Coppice are now almost complete so whoever buys the final few homes won’t have to worry about living amid a ‘building site’ for months and will be able to tap into an existing community of new homeowners just like them.

Shifnal and Leegomery are established residential areas, each with their own individual appeal and proximity to local shops and services, whilst also being close to the wider amenities of nearby Telford.

To find out more about the developments see for Aston Fields.

For The Coppice go to

More Photos - Click to Enlarge

Redrow’s Letchworth style home is available at both developments.