A new home in Hilton for 70% of the asking price

Owning a brand new, stylish home at Redrow’s Meadow Brook has never been easier or more affordable, thanks to a scheme allowing purchasers to benefit from an equity loan for up to 30% of the purchase price.

But those wanting to take advantage will have to be quick as Redrow has started the final countdown to completion at this popular development in Hilton, near Derby.

Jointly funded by developer Redrow and the government, through the Homes and Community Agency (HCA), the equity loan is interest-free for the first five years and is available on the final eight properties at Meadow Brook.

HomeBuy Direct is open to people who have an annual household income less than £60,000, including first time buyers, people re-entering the property market following a change in circumstances, eg. Divorce or the breakdown of a relationship, and families needing extra space.

Meadowbrook is one of 33 Redrow developments across England to offer HomeBuy Direct, between them providing almost 700 affordable properties.

Customers will own 100% of their home from day one – but may only have to pay as little as 70% of the initial purchase price. They can start purchasing the remaining share in instalments after just 12 months.

Using the scheme, a two-bedroom apartment at Meadowbrook can be snapped up for an initial outlay of just £67,197 and a three-bedroom home for only £102,897.

Pauline Turnbull, sales director for Redrow Homes (Midlands), says: “With Redrow matching the government pound for pound to provide the 30% equity loan - helping with the need for a large cash deposit - and the loan being interest free for the first five years, this is an excellent opportunity for people to get the brand new home they’ve always wanted at a price they can afford.

“The fact they potentially only need to borrow 70% of the purchase price will help give purchasers access to mortgage deals and, with new homes easier to maintain, more energy efficient and potentially cheaper to run than older second hand properties, it all serves to make the final properties at Meadowbrook very appealing.”

After a very successful run, Meadowbrook is now down to its final eight homes including the two-bedroom ‘Argal’ apartment, which is suitable for first time buyers and the three-bedroom ‘Gallway’ property, which makes the perfect home for the smaller family.

Meadow Brook offers desirable living close to the Derbyshire Dales, which provide stunning scenery, refreshing walks, historic properties and outdoor sports.

It is positioned close to the A50, with links to the Midlands’ motorway network, and overlooks open fields to give the development a semi-rural feel. In contrast, all the amenities home owners will need can be found in nearby Burton town centre or Derby; while Hilton village itself has plenty of local amenities for those who prefer the gentle pace a bit closer to home. These include local shops, a post office, general store, a number of pubs and restaurants and a primary school.

For more information about Meadow Brook, log on to Redrow.co.uk.