Hillreed Homes offers advice for first time buyers

“If you are a first time buyer keen to buy a home but cannot see a way forward then maybe we can help”, says Jo Richards, Marketing and Corporate Manager at Hillreed Homes.

“Renting a property is never a long term solution and it can also be a costly exercise with the end result that you own nothing”, continues Jo, “Once you find your dream home and start paying a mortgage then it really is like a savings account. Long term you should finish up with a home worth considerably more than you paid for it.”

Hillreed Homes have set up an Advice Centre for first time buyers at their sales suite at Highland Park, Hoxton Close, Ashford in Kent. It is open seven days a week and is there to offer help and advice to those looking to start on the property ladder.

Continues Jo, “You can pop in for an initial chat and staff are happy to explain how a mortgage works, the way it compares to renting, level of deposit required etc. Those who want more detailed information can be put in touch with a financial advisor who is available seven days a week.

You can come along with your family if you wish. The idea is that the facility is there for those who do not quite appreciate and understand how they can achieve their goals.

We think that this type of service is much needed particularly at a time when there is much concern about the “credit crunch”. As a company we also have a number of incentives for first time buyers to help them at this crucial stage of their lives”.

Hillreed Homes is a medium sized, award winning Development Company; still privately owned and operating in Kent, Sussex and Hampshire. The company has been selling properties for over 30 years and therefore has experienced the ups and downs of the property market and understand that long term property prices rise and that those who have investments in bricks and mortar, inevitably benefit.

Assistance for First Time Buyers from Hillreed Homes

Advice Centre
Open 7 days a week at Highland Park Hoxton Close, Ashford, Kent

Benefit- someone with a knowledge of the industry to talk through any queries you may have.

Mortgage Subsidy
At their development at Highland Park there is a £250 mortgage subsidy for 24 months. This means that the purchaser’s monthly mortgage payment is reduced by £250 every month for the first 2 years as it is paid by Hillreed Homes.

Benefit – An opportunity to purchase now and secure your home at 2008 prices.

An example of how this works –
A ground floor brand new apartment from Hillreed Homes at Ashford is £145,000, bought say with a 5% deposit.
Take a mortgage interest rate of 5.85% this amounts to a monthly mortgage payment of £671. However, for the first two years, under this new scheme, Hillreed Homes pays £250 leaving the owner with a monthly payment of £421 – about £100 per week! A similar property on the rental market would come in at around £500pcm and at the end you do not own the property.

OR

5% deposit paid scheme

Benefit – Enables buyers with low savings to get onto the property ladder.

OR

15% equity share

At Highland Park there is a 15% equity share scheme. This is an excellent way of securing a brand new Hillreed Homes property.

Benefit- Appeals because of its initial reduction of the purchase price.

How this works –
Hillreed Homes fund 15% of the purchase price up to a period of 5 years.
This is done by means of a second charge, which allows the company to recover their funding when you sell your property or refinance, similar to a building society or bank.

If you choose to purchase the remaining share of your home within 2 years, you will be able to do so at the original purchase price of your home.

If you opt to purchase the remaining share of your home between 3-5 years the company will ask that the amount to be repaid is linked to the value of your home at the time, the minimum being the value at which you purchased your home originally.

OR

Multi media package

This comprises quality lap top computer, 32” flat screen TV, ipod system plus Bose docking system, mini bar/fridge, carpets, curtains, dvd player and two bean bags.

Benefit- The pleasure of having an exciting and money saving package for your new home.

For more information, log on to Hillreed.co.uk.