Lifeline for home buyers across South Wales

With banks tightening their mortgage lending criteria, home buyers are finding it harder to take their first or next step on the property ladder - but here's news of an incentive in South Wales which could throw home owners a much needed lifeline.

A variety of properties at developments across the region can be bought now for an initial outlay up to 25% less than the usual price - with buyer's still owning 100 per cent of their new home.

For example, using Redrow ‘easi-buy', a three-bedroom home at Cae Ffwrnais in Ebbw Vale that would normally cost £173,995 can currently be snapped up for just £130,496 - that's 75% of the full price - with the balance not having to be paid for 10 years. Similar deals are available at other ventures across South Wales (see examples below).

Lorraine Kendrick, sales director for Redrow Homes (South Wales), says: "The banks have made no secret of the fact they are reining in their mortgage lending, but easi-buy means people can buy their dream home now at a price that's more affordable.

"It allows them to own 100% of their home today whilst deferring a significant percentage of the cost to a time when they have more funds available.

"Not only will the customer legally own 100% of the property from the outset, they will not have to pay rent on the deferred element. And there's more good news in that the outstanding cost will reduce on a sliding scale if they repay it within the first three years.

"On a £173,995 property, for example, if they find themselves able to settle the 25% deferred payment within the first year they could potentially save £17,400 on the overall property price.

"And the fact we can offer this inventive on selected plots at all of our developments across South Wales means we can assist every kind of customer from first time buyers to growing families who need help to fund a larger home."

Redrow's new offer is subject to terms and conditions. The deferred element is paid back at market value at the time of payment, which could go down as well as up.

Redrow ‘easi-buy' is the latest in a number of incentives offered by Redrow under the badge of ‘re:assure', all of them designed to make moving as easy as possible from the moment of first enquiry right through until after the customer has moved in.

Easi-buy is available on selected properties at Redrow's developments across South Wales including:

Bridgend

Dôl Gorwel, North Cornelly - Payment of 25% can currently be deferred on selected detached and semi-detached three and four-bedroom homes, with initial outlays starting from £127,496 under the easi-buy scheme.

Debut at Dôl Gowel - 25% deferred element allows buyer to purchase a home from an initial outlay of just £47,996.

Coed Castell, Brackla - 15-20% deferred payment available on selected detached, semi-detached and terraced homes available for an initial outlay from £91,996.

Swansea

Cae Rebeca, Pontardulais - A one-bedroom home available with 75% deferred element from just £82,496 and a four-bedroom townhouses available with an initial outlay of just £146,396 with 20% deferred element.

Awel-y-Mor, Birchgrove - Four-bedroom townhouses and semi-detached homes available under the easi-buy scheme, with prices from £151,996 following deduction of 20% deferred payment.

Caerphilly

Cwm Calon, Ystrad Mynach - One-bedroom apartments and three and four-bedroom homes are available to purchase under the easi-buy scheme, with the option to defer between 15 and 25% of the overall price. After deduction of the deferred element one-bedroom apartments are available from £74,996, with three and four-bedroom homes available from £134,996 to £220,996.

Llys Ffynnon, Pontllanfraith - 15 to 20% of the total price can be deferred on selected detached and semi-detached three and four-bedroom homes, available under the easi-buy scheme from £131,996.

Rhondda Cynnon Taff

Glyn Coediog, Llantwit Fardre - easi-buy available on selected three and four-bedroom homes with option to defer between 15 and 25% of the overall payment. Initial outlays from £157,496.

Merthyr Tydfil

Gelli Dawel - Selected plots available under the easi-buy scheme include three and four-bedroom homes available from £131,996 after deduction of 15 - 25% deferred element.

Debut @ Gelli Dawel - Debut homes available from £45,743 after deduction of deferred element - which is varies from 15 to 25% on selected plots.

Cwmbran

John Fielding Gardens - Four and five-bedroom detached homes available for an initial outlay of just 75% of the overall price - from £322,496 after deduction of deferred element.
Newport

Alexandra Gate - The option to defer between 15 and 25% of the total price on one and two-bedroom apartments to three and four-bedroom homes, resulting in initial payments from £119,196 to £249,995.

Ebbw Vale

Cae Ffwrnais - One and two-bedroom apartments and three-bedroom homes available from £86,696 to £130,496 following deduction of deferred payments of between 15 and 20%.

For general information about Redrow, its new homes and the various help available through ‘re:assure' visit Redrow.co.uk.