Good news for first time buyers in Croydon

Durkan Estates is leading the way with a major new government-backed initiative for first time buyers at its Bauhaus project in Croydon. HomeBuy Direct was introduced earlier this year as a means of helping first-time purchasers to buy property on the open market.

Under the scheme, Durkan will allow for a property to be bought at Bauhaus for 70% of the purchase price with no deposit required the remaining 30% is provided as an equity loan which comes interest-free for the first 5 years.

The initiative is a great way for younger buyers to access high-quality new-build properties at an affordable price. Bauhaus combines high-quality design and impressive interior specification, to bring chic urban living to Croydon. The properties available range from stylish 1 and 2 bedroom apartments, 3 bedroom penthouses and 2 bedroom mews houses, each ideally designed for modern living.

The development is situated just off Croydon High Street within walking distance of Croydon East train station. Bauhaus is also right on the doorstep of Croydon’s cultural quarter with its variety of shopping and entertainment facilities, and with significant investment into the town centre to bring further amenities, Bauhaus residents will be perfectly placed to take advantage of all that Croydon’s exciting future has to offer.

Durkan have adopted the government’s HomeBuy Direct as a means of assisting first-time buyers who may otherwise be unable to finance a property at the Bauhaus. With the initiative in its infancy, Durkan are amongst the first new-build developers to provide customers with the facility.

To be eligible for HomeBuy, the applicant’s household must earn less than £60,000 per year and be unable to finance a property in the area where they currently live or work. An equity loan of up to 30% of the property price will be provided meaning the purchaser only needs to arrange finance for the remaining 70%, which can be done by arranging a regular market rate mortgage. The buyer can then purchase up to 100% equity of the property in installments after they have moved in, or proportionally share the remaining equity of the house when it is sold at the current market rate.

With prices starting from £155,000 for a one bedroom apartment, this means that first-time buyers can move into a new home for just £108,500. With such affordability, the HomeBuy option is sure to be welcomed by a range of first time buyers looking to get a foot on the property ladder, and many will be thrilled at the opportunity to now own their first property in what is set to be one of Croydon’s premier residential destinations.

Durkan Homes has a reputation for design-led high quality developments and Bauhaus will reflect this with a number of impressive features, including; landscaped communal courtyard, stunning balcony views and fully-fitted kitchen and bathroom appliances.

Interested purchasers can now visit the development’s on-site showhome – a fully furnished apartment open Thursday to Monday from 10am to 5pm. Market prices start from £155,000 for a one bedroom apartment, up to £285,000 for a three bedroom penthouse.

For further information log on to Bauhaus-croydon.com.